PXP Financial, the expert in global acquiring, payment, fraud, and data analysis services have announced they have 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, said: “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: “The Visa Token Service brings trust to digital commerce innovation. As consumers come to rely on digital payments, VTS provides value-added services and essential tools to help increase authorization, reduce fraud and lead from the front.
“The incredible increase in token payments reinforces the idea that the future of money is indeed digital, and together with our partners at PXP Financial, we are excited to provide access to this cutting-edge technology to their customers.”
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.