Payments platform Paysafe has extended its partnership with Visa by integrating its Network Tokens as an alternative to primary credit and debit card numbers.
The tokenisation method adds an additional layer of protection for cardholders without adding friction to the user journey, aiming to create a seamless payment experience with higher authorisation rates.
Daniel Fagan, SVP Product of Merchant Solutions at Paysafe, commented: “As e-commerce continues to grow and transactions increasingly take place online, offering consumers a smooth and secure payment experience is key to customer retention.
“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.”
Visa Network Tokens update expired card numbers in real-time, removing unnecessary card declines and ensuring that recurring payment subscriptions remain uninterrupted.
Paysafe will store the Visa-generated tokens securely in card PANs, reducing the risk of fraud due to data breaches or man in the middle attacks.
The integration allows merchants to access the Visa Network Tokenisation Service through Paysafe’s Single Payments API, providing enhanced security when conducting customer-initiated payments, merchant-initiated payments, refunds, original credit transfers and standalone credit transfers within Europe.
Mehret Habteab, SVP Product & Solutions Europe at Visa, added: “Visa Network Tokens help deliver a compelling digital payments experience that can help reduce fraud and increase authorisation 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.”