Paysafe Ltd PSFE has expanded its partnership with Visa V in Europe by adopting Visa’s Network Tokens to enhance the security of its payment platform, as reported on its website.
Enhanced Security Measures: Visa Network Tokens will replace primary credit and debit card account numbers. These tokens, securely managed by Paysafe, will reduce the risk of fraudulent activities caused by data breaches or human attacks.
Real-time updates of expired card numbers and removal of unnecessary declines will ensure smooth processing of recurring payment subscriptions, while providing an additional layer of protection for cardholders and ensuring higher authorization rates.
Merchants using Paysafe’s Single Payments API will have access to the Visa Network Tokenization Service, raising security levels across various payment categories within Europe, including customer-initiated payments, merchant-initiated payments, refunds, original credit transfers, and standalone credit transfers.
Significance of Collaboration: Mehret Habteab, Visa’s Senior Vice President of Product and Solutions Europe, emphasized the potential of Visa Network Tokens in delivering a secure digital payment experience, reducing fraud, and increasing authorization rates by 5%. This collaboration aims to offer an easier and more secure way for people and businesses in Europe to conduct payments.
Paysafe believes that ensuring a smooth and secure payment experience for consumers is crucial for customer retention, especially as e-commerce and online transactions continue to surge. The partnership with Visa is expected to provide Paysafe merchants with an added layer of security through network tokenization.
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