Point Roberts, WA - October 17, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in tech and finch investor news issues a payment update following news from Visa Inc. (NYSE:V); "Visa welcomes 20 new Visa Token Service partners who will help scale tokenization to their thousands of merchant clients and millions of customers around the world."
Visa Inc. (NYSE:V) announced the commercial expansion of the Visa Token Service for credential-on-file (COF) token requestors, marking a major milestone towards further securing consumer payments in the digital channel.
"With this expansion, acquirer gateway and technology partners Adyen, AsiaPay, Braintree, Checkout.com, Cherri Tech, CyberSource, Elavon, Ezidebit, eWAY, Fit-Pay, Giesecke & Devrient, PayPal, Payscout, Rambus, SafeCharge, SecureCo, Square, Stripe, Worldpay and YellowPepper are or will soon be able to tokenize credential-on-file digital payments on behalf of their merchant and payment clients."
Nxt-ID, Inc. (NASDAQ: NXTD) subsidiary Fit Pay, Inc., a proprietary technology platform that delivers end-to-end solutions to device manufacturers for contactless payment capabilities, credential management, authentication and other secure services within the IoT ecosystem, was named as one of the 20 new partners.
"Expanding our platform capabilities to include tokenized credential-on-file and ecommerce transactions significantly increases our addressable market," said Michael Orlando, President of Fit Pay, Inc. and COO of NXT-ID. (NASDAQ: NXTD). "We are very pleased to be a part of Visa's new program, which gives consumers more control of their card data and increases security for the entire payment ecosystem."
More From the news - "Built on top of the EMVCo Payment Tokenization Standard, the Visa Token Service offers another layer of security by replacing sensitive cardholder information, such as personal account numbers and expiration dates, with a unique digital identifier (a "token") that can be used for payment without exposing a cardholder's more sensitive account information. In addition to enhancing security, expired or compromised payment credentials can be seamlessly updated in the background by the financial institution, eliminating a significant point of friction for consumers and merchants."
"Merchants also get the added security protection of being shielded from data breaches that occur elsewhere in the ecosystem since the Visa card number is replaced with a token unique to the merchant or gateway acquirer partner."
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