Tag: visa europe

Visa Europe to expand tokenization in support of mobile payments

| February 23, 2016

Visa Europe will be expanding its innovative tokenization service to support cloud-based transactions

Visa Europe is expanding its tokenization service to support cloud-based transactions coming from the mobile payments platforms that banks are using. The organization is responding to growing demand for payment support for mobile devices throughout Europe. Many consumers are beginning to rely on their mobile devices to shop online and in physical stores, which they consider to be more convenient than conventional forms of commerce. They also want to ensure that the services they are using are secure, which is where tokenization comes into play.

Tokenization has helped consumers become more comfortable with the concept of mobile commerce

Tokenization allows mobile payments to be made securely. Through a typical payment system, financial information is transferred digitally, allowing consumers to make payments online. Tokenization replaces this information with digital tokens, which can be used to authenticate transactions. These tokens are unique for every transaction, ensuring that consumer information is kept safe. Visa has become a pioneer in tokenization, which has helped consumers become more confident in the security of mobile commerce.

Half of all Visa transactions expected to come from mobile devices by 2020

Mobile Payments Security - VisaThe expansion of the Visa Europe Payment Tokenization Service will allow banks and other organizations to take advantage of tokenization. By 2020, Visa Europe predicts that one in five consumers will pay for products using their smartphones and other devices on a daily basis. Mobile will account for 50% of all Visa transactions made by that time, which has highlighted the need for secure services. Security is a top priority for banks, especially as consumers become more mobile-centric.

Embracing tokenization could allow retailers to find more success in mobile shopping

Visa Europe’s tokenization system will allow more merchants to enter into the mobile payments ecosystem. This is good news for retailers, as they can find major success by engaging mobile consumers. If they can provide secure services, they will have a better chance of connecting with consumers and providing them with an enjoyable and safe shopping experience. Visa has managed to improve the mobile commerce space significantly through its tokenization service, which has been praised by retailers and financial institutions.

 

Visa to expand its mobile payments service to the UK

| May 7, 2015

Visa will be launching its mobile payments platform in the UK in June of this year

Visa has announced that it will be expanding its mobile payments service in Europe. Visa Europe has formed numerous partnerships with retailers and merchants in the United Kingdom, where mobile payments are beginning to gain momentum. The company has also formed partnerships with British banks in order to better compete with other mobile payment platforms that have launched in the country. Visa plans to launch its expanded service in the United Kingdom in June of this year, with 60,000 people being able to use the service at that time.

Digital wallet helps make payments more convenient

Visa’s mobile payments platform, which serves as a digital wallet, was initially launched in 2013. The platform allows users to make purchases online without having to provide their financial information more than once. One of the attractive features of the platform its use of digital tokens, which are used in place of financial information, making mobile transactions more secure. Visa suggests that its platform is more convenient than others, as it can save consumers time when making a purchase online.

Mobile spending is on the rise in the United Kingdom

UK Mobile Payments - VisaAccording to a recent report from Barclays, consumers in the United Kingdom are expected to spend more than $60 billion a year using their smartphones and tablets by 2024. Last year, British consumers spent a combined $10 billion from their mobile devices. Mobile payments are becoming a more attractive option to consumers in the UK, largely due to how convenient nature of mobile commerce and the services that are being offered by numerous companies participating in this space.

Security concerns lead to better protection for consumers

Though mobile payments are becoming more popular, there are security concerns that could slow its growth and adoption. Visa has been working to address these security concerns, using tokenization as a way to protect consumers and their financial information. Biometric technology, such as fingerprint scanners are also becoming more important in the mobile space, as this technology can be used to provide more protection to the mobile commerce space.