Visa adds 13 new token service providers for IoT payments

Visa has expanded its network of token service providers by adding 13 new partners to drive acceleration into Internet of Things (IoT).

Visa adds 13 new token service providers for IoT payments

The new Visa partners include: FitPay, Infosys, Rambus, Mahindra Comviva, PayCraft, Digiseq, FOO, Pri-Num, Seglan, HST, Prosa, VeriTran and YellowPepper.

The new members will join Visa’s initial partners announced in October 2016: Giesecke+Devrient (G+D), Gemalto and Inside Secure.

Visa said that its token service provider programme offers technology companies a standards-based approach and access to Visa’s network of tools and services, including the Visa Token Service, as well as integration, development and marketing support.

The programme also helps expand the market for tokenisation to other companies as they develop new and secure digital payment services and promotes consistency envisioned in the EMVCo token standards.

“Tokenisation is a payment security technology that replaces cardholder information, such as 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,” Visa said.

Visa executive vice president of innovation and strategic partnerships Jim McCarthy said: “A potential tidal wave of new payment accounts is approaching – conservative estimates expect 21 billion Internet-connected devices in just three more years, so having both the partner network and the right technology in place are fundamental to driving payments on those devices.

“We are proud to welcome so many great new partners to the token service provider program, to help us extend tokenisation to new devices and form factors and give consumers more payment experiences that they love.”