Payments platform Paysafe has announced an extension of its collaboration with Visa. The partnership aims to integrate Visa network tokens, providing an innovative alternative to traditional credit and debit card account numbers.
The new Visa network tokens serve as an additional layer of protection for cardholders. This development is expected to result in higher authorization rates and a more secure digital payments ecosystem. According to Paysafe, the Visa network tokens contribute to the digital payments experience, potentially reducing fraud and increasing authorization rates by 5%.
Daniel Fagan, Senior VP of Product, Merchant Solutions, Paysafe, Source: LinkedIn
One key feature of the Visa network tokens is their ability to update expired card numbers in real time. This functionality aims to eliminate unnecessary declines and ensure uninterrupted services for recurring payment subscriptions. The tokens, generated by Visa, are transmitted and stored by Paysafe, mitigating the risk of fraudulent activities stemming from data breaches or man-in-the-middle attacks.
Mehret Habteab, Senior VP of Product & Solutions Europe, Visa, Source: LinkedIn
Daniel Fagan, Senior Vice President of Product, Merchant Solutions at Paysafe, expressed the importance of providing consumers with a smooth and secure payment experience, especially as e-commerce transactions continue to surge. Fagan stated: “We are proud to work with Visa to provide this value-added network tokenisation service to our merchants, integrating an extra layer of protection for their customers and significantly enhancing their payment journey.”
Merchants will have access to the Visa network tokenisation service through Paysafe’s single payments API, providing a layer of security for various transactions, including customer-initiated payments, merchant-initiated payments, refunds, original credit transfers, and standalone credit transfers within Europe.
Mehret Habteab, Senior Vice President of Product & Solutions Europe at Visa, echoed the sentiment, saying: “Visa network tokens help deliver a compelling digital payments experience that can help reduce fraud and increase authorization rates by 5%. We are excited to collaborate with Paysafe in Europe to allow people and businesses to benefit from this easier and more secure way to pay.”
#Announcement: our extended relationship with @Visa offers merchants access to the value-added network tokenization service for a smoother and more secure #payment experience. Discover more here: https://t.co/XoXrB3ZdL5 pic.twitter.com/Z7tC2X1iJS
— Paysafe (@Paysafe) November 20, 2023
Playtech and Paysafe Forge Partnership for European Expansion
Finance Magnates reported earlier that Playtech and Paysafe had inked a global partnership, extending their collaboration from the US to the UK and Europe. Building on their successful US integration with betPARX, Paysafe’s payment solutions will continue to support Playtech’s iGaming operators.
Shimon Akad, Playtech’s COO, emphasizes the role of payments in delivering an optimal player experience. Having achieved success in the US, the partnership has expanded into the UK and Europe. Paulette Rowe, Paysafe’s CEO of Integrated and Ecommerce Solutions, anticipates a combination to drive Playtech’s European growth.
Read the full article here