Visa Europe has expanded its tokenization service to include support for services where payment credentials are stored in the cloud — such as banks’ own mobile payment apps, wearables and other connected devices — as well as for internet browser-based wallets, retailer-specific checkout offerings like Visa Checkout and card on file payment options.
The expansion of the VEPTS (Visa Europe Payment Tokenization Service) “enables more entities to operate in the payments ecosystem, from financial institutions to technology partners, all through one tokenisation platform provided by Visa,” the payments network says.
“The VEPTS expansion will enable many new ways to pay, in recognition of the growing trend towards developing convenient, innovative payment commerce experiences that can be tightly integrated into apps, and all manner of connected devices.”
“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 manners of other connected devices,” says Sandra Alzetta, executive director of product enablement at Visa Europe.
“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% of Visa transactions.”