Visa Europe is widening the scale of its tokenisation functionality to support cloud-based payments and other mobile-based services for banks and retailers.

The expansion of the Visa Europe Payment Tokenisation Service (VEPTS) will enable financial instructions to integrate tokenisation into services where payment credentials are stored in the cloud, such as banks’ own mobile payment apps plus a variety of wearable and other ‘connected’ devices. Retailers and merchants can also use VEPTS for their ‘card on file’ payment options.

Tokenisation allows consumers to link their payment card to digital payment services, keeping the card details secure and ‘hidden’ when paying in store or online. Visa Europe already supports the mobile payment credentials that many banks use for Apple Pay. The company said that the expansion of VEPTS would allow its technology partners and client banks to develop new, or improve existing, digital payment products to meet shifting consumer demand.

“People throughout Europe are encountering innovative new technologies that offer fast and frictionless ways to pay wherever, whenever and on whatever device they choose. 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 per cent of Visa transactions,” explained Sandra Alzetta, executive director product enablement for Visa Europe.

“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 manner of other ‘connected’ devices.”

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