Visa Network Tokens Integration: Paysafe Expands Collaboration

<p>Payments platform Paysafe has
announced an extension of its collaboration with Visa. The partnership aims to
integrate Visa network tokens, providing an innovative alternative to
traditional credit and debit card account numbers. </p><p>Visa Network Tokens Offer Cardholder
Protection</p><p>The new Visa network tokens serve as
an additional layer of protection for cardholders. This development is expected
to result in higher authorization rates and a more secure digital payments
ecosystem. According to Paysafe, the Visa network tokens contribute to the digital
payments experience, potentially reducing fraud and increasing authorization
rates by 5%. </p><p>One key feature of the Visa network
tokens is their ability to update expired card numbers in real time. This
functionality aims to eliminate unnecessary declines and ensure uninterrupted
services for recurring payment subscriptions. The tokens, generated by Visa,
are transmitted and stored by Paysafe, mitigating the risk of fraudulent
activities stemming from data breaches or man-in-the-middle attacks.</p><p>Daniel Fagan, Senior Vice President of
Product, Merchant Solutions at <a href="https://www.financemagnates.com/tag/paysafe/">Paysafe</a>, expressed the
importance of providing consumers with a smooth and secure payment experience,
especially as e-commerce transactions continue to surge. Fagan stated: "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."</p><p>Merchants will have access to the Visa
network tokenisation service through Paysafe's single payments API, providing a
layer of security for various transactions, including customer-initiated
payments, merchant-initiated payments, refunds, original credit transfers, and
standalone credit transfers within Europe.</p><p>Mehret Habteab, Senior Vice President
of Product &amp; Solutions Europe at Visa, echoed the sentiment, saying: "Visa network tokens help deliver a compelling digital payments experience
that can help reduce fraud and increase authorization 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."</p><blockquote><p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Announcement?src=hash&amp;ref_src=twsrc%5Etfw">#Announcement</a>: our extended relationship with <a href="https://twitter.com/Visa?ref_src=twsrc%5Etfw">@Visa</a> offers merchants access to the value-added network tokenization service for a smoother and more secure <a href="https://twitter.com/hashtag/payment?src=hash&amp;ref_src=twsrc%5Etfw">#payment</a> experience. Discover more here: <a href="https://t.co/XoXrB3ZdL5">https://t.co/XoXrB3ZdL5</a> <a href="https://t.co/Z7tC2X1iJS">pic.twitter.com/Z7tC2X1iJS</a></p>— Paysafe (@Paysafe) <a href="https://twitter.com/Paysafe/status/1726530460602241171?ref_src=twsrc%5Etfw">November 20, 2023</a></blockquote><p>Playtech and Paysafe Forge Partnership
for European Expansion</p><p><a href="https://www.financemagnates.com/">Finance Magnates</a> reported earlier that
<a href="https://www.financemagnates.com/fintech/news/playtech-and-paysafe-extend-partnership-target-european-markets/">Playtech
and Paysafe had inked a global partnership</a>, extending their collaboration
from the US to the UK and Europe. Building on their successful US integration
with betPARX, Paysafe's payment solutions will continue to support Playtech's
iGaming operators. </p><p>Shimon Akad, Playtech’s COO,
emphasizes the role of payments in delivering an optimal player experience.
Having achieved success in the US, the partnership has expanded into the UK and
Europe. Paulette Rowe, Paysafe's CEO of Integrated and Ecommerce Solutions,
anticipates a combination to drive Playtech's European growth.</p>

This article was written by Tareq Sikder at www.financemagnates.com.