17th of July - PXP Financial, the expert in global acquiring, payment, fraud, and data analysis services, announced today it has received accreditation from Visa, a world leader in digital payments, to become a Token Service Provider.
The Visa Token Service (VTS) is the foundational platform for global tokenization. By substituting Visa card numbers with tokens, VTS enables a more secure digital payment experience for millions of customers every day.
Kamran Hedjri, Founder and Group CEO of PXP Financial, “The payments ecosystem is in a state of transition, with fraud remaining a major challenge. Visa and others are driving significant changes to transition card payments to a fully digital future, underpinned by the security of payment tokens.
“Here at PXP Financial, we focus on keeping our merchants at the forefront of important developments in the payments industry, especially where we can deliver tangible benefits to card acceptance rates and security.”
“As a result, and to comply with card scheme recommendations around the use and storage of card data, we are moving towards the general use of scheme tokens, where we successfully launched activation of Visa end of May.”
Tokens are unique to a merchant and card. As a Token Requestor and Token Service Provider, PXP Financial will perform the provisioning of tokens on behalf of its merchants and store the tokens to use for future payments. As well as the enhanced security this move will deliver to PXP Financial customers, additional benefits including increased approval rates, as authorizations performed with a token are more likely to be approved by the issuer.
The token integration will also incorporate notifications about card updates, which will result in a reduction of card declines that happen because of an expired card.
Hap Huynh, Vice President, Visa Digital Solutions, added: Last year, Visa Token Service issued its 4 billionth token, marking a major milestone which nearly doubled Visa’s token count in one year, surpassing the number of physical Visa cards in circulation worldwide. This milestone underscores the powerful security that tokens provide to merchants, issuers, and consumers alike.
About PXP Financial
The end-to-end payment platform: PXP Financial provides a single unified payments platform to accept payments online, on mobile and at the point of sale. Powered by inhouse acquiring, a variety of alternative payment methods & financial services, PXP processes over EUR 22.7 billion annually through its unified gateway. Whatever your business needs today or tomorrow, PXP Financials’ innovative payment platform will support your business growth with all the payment services you will ever need from one source, wherever your business takes you. To find out more about PXP Financial family of companies, visit: www.pxpfinancial.com.
For more information, visit: www.pxpfinancial.com