Visa Expands Global Network of Providers to Drive Acceleration Into IoT Payments
June 07 2017 - 8:00AM
Business Wire
Visa Adds Thirteen New Token Service Providers
to Broaden Global Access to Visa Token Service
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
- 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170607005451/en/
Visa Inc.Kryssa Guntrum,
415-805-4488kguntrum@visa.com
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