Yesterday, Visa Europe announced it’s expanding its Visa Europe Payment Tokenisation Service (VEPTS), giving financial institutions and others a chance to integrate tokenisation.
There are a couple of new services offering Visa’s Tokenisation, including cloud services, such as banks’ mobile payment apps; browser-based wallets and checkout offerings like Visa Checkout; as well as card on file payment options, usually used by online retailers.
Visa said tokenisation allows for a fast and easy way to link a credit card to a digital payment service, and will allow more businesses to jump into the payment ecosystem bandwagon. The tokenisation will allow businesses to develop new products and create new ways to you to spend your money.
“People throughout Europe are encountering innovative new technologies that offer fast and frictionless ways to pay wherever, whenever and on whatever device they choose. By 2020, our projections are for one in five consumers to pay for items using their smartphone on a daily basis, and for payments on mobile or tablet to account for more than 50 per cent of Visa transactions,” said Sandra Alzetta, executive director for product enablement for Visa Europe.
“Looking at contactless as an early indicator, where adoption has doubled and spend has trebled in the last year, we believe this projection could well be a conservative estimate.”
“By expanding our service to make tokenisation available to our client banks through a number of new technology partners, consumers will have access to all manner of fantastic new payment experiences accessible through their mobile phones, tablets and all manner of other ‘connected’ devices.”