Paysafe integrates Visa Network Tokens

Payments solutions provider Paysafe has announced that it expanded its partnership with Visa to provide network tokenisation services for merchants

Payments solutions provider Paysafe has announced that it expanded its partnership with Visa to provide network tokenisation services for merchants. Through this collaboration, Paysafe integrates Visa Network Tokens to provide merchants with an alternative to primary debit and credit card account numbers.

By including Network Tokenisation Service, Paysafe adds an extra layer of security for cardholders without affecting the user journey, resulting in a simplified payment experience and increased authorisation rates. Visa Network Tokens’ capabilities Visa’s solution updates expired card numbers in real-time, removing declines and ensuring recurring payment subscriptions remain continuous. The Visa-generated network tokens are transmitted and stored by Paysafe in place of card PANs, minimising the risk of fraudulent actions due to data breaches or man-in-the-middle attacks.

By integrating Visa Network Tokens, Paysafe enables merchants to access the Visa Network Tokenisation Service through its Single Payments API, offering security when conducting customer-initiated payments, merchants-initiated payments, refunds, original credit transfers, and standalone credit transfers within Europe. According to Paysafe’s officials, considering that ecommerce is on continuous growth, and transactions progressively take place online, providing consumers with a simple and secure payment is essential to customer retention. The collaboration with Visa supports the company in its commitment to offering merchants protection for their customers and enhancing their payment journey. Representatives from Visa stated that the Network Tokens aid in delivering a comprehensive digital payment experience that can minimise fraud and increase authorisation rates by 5%.

Paysafe’s recent developments and partnerships As a payment platform that serves merchants and consumers in the global entertainment industries, Paysafe’s main objective is to enable businesses and individuals to connect and transact in a simplified manner through capabilities in payment processing, digital wallet, and online cash solutions. Recently, the company entered multiple collaborations, including one with Fanatics Betting and Gaming to integrate card payments and other alternative payment methods (APMs). The partnership came as a reaction to the shifting preferences among US online sports bettors, with Fanatics Sportsbook intending to meet customers’ transactional requirements.

By leveraging Paysafe’s API-based solution, the company was able to expand its options for deposits and payouts. During the same period, WLPayments integrated with Paysafe to support its commitment to offering enhanced services and simplified payment solutions to its customers.  By partnering with Paysafe, the company’s clients received streamlined integration with WLPayments’ team being able to guide merchants throughout the process and ensure an improved user experience. WLPayments also incorporated Paysafe Acquirer which provides card processing capabilities, developed to meet the diverse needs of businesses and offer increased market access. At the beginning of October 2023, expanded its direct Open Banking connectivity to Scandinavia with Paysafe. Through this, the company expanded its services to Sweden, Norway, Finland, and Denmark, enabling customers to benefit from its Account Information Services (AIS) and its Payment Innovation Services (PIS).

Additionally, the partnership allowed new opportunities for Payment Service Providers (PSPs), including the payment platform Paysafe. .

Nov 20, 2023 15:16
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