Visa Europe Expands Tokenization Service
Feb. 18, 2016
On Tuesday, Visa Europe said it is expanding its tokenization service so banks and other financial services and payment providers can integrate the technology into mobile apps, browser-based wallets and online checkout. For European merchants and payment providers that require the ability to store payment credentials, tokenization is an indispensable security technology. Visa Europe said the expansion of the Visa Europe Payment Tokenisation Service (VEPTS) will enable more entities in the payments ecosystem to offer more ways to pay securely online or from a mobile device.
“People throughout Europe are encountering innovative new technologies that offer fast and frictionless ways to pay wherever, whenever and on whatever device they choose,” said Sandra Alzetta, executive director of product enablement for Visa Europe. “By 2020, our projections are for one in five consumers to pay for items using their smartphone on a daily basis and for payments on mobile or tablet to account for more than 50 percent of Visa transactions. By expanding our service to make tokenization available to our client banks through a number of new technology partners, consumers will have access to all manner of fantastic new payment experiences accessible through their mobile phones, tablets and all manner of other ‘connected’ devices.”