Visa Adds Thirteen New Token Service Providers to Broaden Global
Access to Visa Token Service
SAN FRANCISCO & NEW YORK--(BUSINESS WIRE)--
Today, Visa (NYSE:V) announced it has signed 13 new partners to
participate in its token service provider (TSP) program, as the payments
industry shifts from plastic to digital and broader access to new
standards, such as tokenization, are needed. With demand expected to
increase for payments to be embedded into a growing number of devices,
services and experiences, Visa has built out a global network of
partners to offer secure, digital payment token services and ensure that
regardless of form factor, an Internet-of-Things (IoT) device,
appliance, wearable or beyond, can become a more secure place for
commerce.
The newest Visa partners share a desire to advance digital and
device-based payments, and represent all major regions of the globe:
-
Global: FitPay, Infosys, Rambus
-
Asia Pacific/India: Mahindra Comviva, PayCraft
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Central Europe, Middle East & Africa: Digiseq, FOO,
Pri-Num, Seglan
-
Latin America & the Caribbean: HST, Prosa, VeriTran,
YellowPepper
“A potential tidal wave of new payment accounts is approaching —
conservative estimates expect 21 billion Internet-connected devices in
just three more years,* so having both the partner network and the right
technology in place are fundamental to driving payments on those
devices,” said Jim McCarthy, executive vice president, innovation and
strategic partnerships, Visa Inc. “We are proud to welcome so many great
new partners to the token service provider program, to help us extend
tokenization to new devices and form factors and give consumers more
payment experiences that they love.”
Visa first
announced its token service provider program in October 2016 with
initial partners Giesecke+Devrient
(G+D), Gemalto
and Inside
Secure. Since then, G+D, FitPay, Infosys, Inside Secure, and
Pri-Num, have been Visa Ready-qualified and begun integrations of Visa
technology with partners. The Visa
Ready Program provides structure and clarity to allow partners to
quickly introduce devices, software, and solutions that can initiate or
accept Visa payments.
“Commerce is quickly spreading from computers, smartphones and tablets
to connected endpoints of all shapes and sizes,” said Jordan McKee,
principal analyst, 451 Research. “Consumers now expect to be able to
purchase goods and services at any given time or place on the device of
their choosing. What’s more, they expect the experience to be not only
secure, but easy-to-use. To meet these elevated demands, commerce
stakeholders must collaborate on approaches such as tokenization to
ensure security and usability are maintained at scale.”
Visa’s token service provider program gives technology companies a
standards-based approach and access to Visa’s broad network of tools and
services, including the Visa
Token Service, as well as integration, development and marketing
support. The program also helps expand the market for tokenization to
other companies as they develop new and secure digital payment services
and promotes consistency envisioned in the EMVCo token standards.
Tokenization is a payment security technology that replaces cardholder
information, such as account numbers and expiration dates, with a unique
digital identifier (a “token”) that can be used for payment without
exposing a cardholder’s more sensitive account information.
Any organization interested in working with Visa’s global network of
token service providers to become a token service requestor can contact
Visa directly at Tokenrequester@visa.com.
** Gartner, IoT report, February 2017, http://www.gartner.com/newsroom/id/3598917
About Visa
Visa Inc. (NYSE: V) is a global payments technology company that
connects consumers, businesses, financial institutions, and governments
in more than 200 countries and territories to fast, secure and reliable
electronic payments. We operate one of the world’s most advanced
processing networks — VisaNet — that is capable of handling more than
65,000 transaction messages a second, with fraud protection for
consumers and assured payment for merchants. Visa is not a bank and does
not issue cards, extend credit or set rates and fees for consumers.
Visa’s innovations, however, enable its financial institution customers
to offer consumers more choices: pay now with debit, pay ahead with
prepaid or pay later with credit products. For more information, visit
usa.visa.com/about-visa, visacorporate.tumblr.com and @VisaNews.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170607005451/en/
Source: Visa Inc.