With Netflix live in 19 countries, Visa Token Service partnership
enhances focus towards ecosystem optimization to realize increased
authorization rates and a frictionless payments experience
SAN FRANCISCO--(BUSINESS WIRE)--
Building on a pilot program that began in 2017, Visa (NYSE: V) today
announced an expansion of Netflix’s use of the Visa
Token Service, with a key focus of improving card-not-present
authorization rates and enabling a more seamless and secure merchant and
customer experience globally.
Visa and Netflix are working together to realize the benefit of higher
authorization rates resulting from global issuer lifecycle management of
Visa tokens. With the Visa Token Service, card details can be replaced
with a unique digital identifier used to process payments without
exposing the cardholder’s sensitive account information. For those Visa
tokens, issuers around the world can push dynamic updates on lost,
stolen or expired credentials to enable a frictionless merchant and
customer experience. As part of the effort to expand these benefits more
broadly to issuers and card-not-present merchants generally, Visa is now
working with Netflix and other token participants to measure these
improvements and set milestones for industry performance.
“As the Visa Token Service and associated payment frameworks continue to
scale, we believe low risk, trusted merchants, like Netflix, can realize
authorization approval rates and a customer experience on par with the
face-to-face environment. We look forward to our continued work with
Visa to consolidate that potential under a broader digital merchant
acceptance program and further improve the payment experience for
Netflix members globally,” according to Vickie Gonzalez, global head of
payments, Netflix.
“We believe tokenization, in association with other enhancements in
digital payments, will create the framework for seamless processing and
significantly higher authorization rates in eCommerce in the near term,”
says TS Anil, global head of payment products and platforms, Visa. “By
expanding our partnership with Netflix, Visa is further demonstrating
its commitment to making digital commerce easier and more secure.”
Netflix was the first merchant to begin using the Visa Token Service to
tokenize its cards-on-file when the companies’ initial pilot began in
2017. Visa also recently
announced 20 Visa Token Service acquirer gateway and technology
partners who will help scale tokenization around the world. Since the launch
of the Visa Token Service in 2014, Visa has added over 60 global
token requestors—including mobile and wearable manufacturers, issuer
wallets, online merchants, payment service providers and acquirers—from
40 markets onto the token platform. The recent addition of 20 acquirer
gateway and technology partners will bring scale globally and support
Visa’s commitment to security and convenience of online and mobile
payments from both traditional eCommerce as well as card-on-file
transactions.
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our
mission is to connect the world through the most innovative, reliable
and secure payment network - enabling individuals, businesses and
economies to thrive. Our advanced global processing network, VisaNet,
provides secure and reliable payments around the world, and is capable
of handling more than 65,000 transaction messages a second. The
company’s relentless focus on innovation is a catalyst for the rapid
growth of connected commerce on any device, and a driving force behind
the dream of a cashless future for everyone, everywhere. As the world
moves from analog to digital, Visa is applying our brand, products,
people, network and scale to reshape the future of commerce. For more
information, visit About
Visa, visacorporate.tumblr.com and @VisaNews.
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Visa Inc.
Sheerin Salimi, 415-805-5923
shesalim@visa.com
Source: Visa Inc.