Everyware, a leading contactless payments and customer engagement solutions company, today announced the unveiling of its Pay By Text functionality, which allows customers to use their cell phone number to make a payment. This new payment method is paving the industry’s future by eliminating the need to share private payment card data. Through its collaboration with Visa, the world leader in digital payments, Everyware is leveraging Token ID – a Visa Solution, which empowers banks, merchants, regional payments schemes, clearing houses and other payments stakeholders like Everyware to build, manage and control their own tokenization capabilities. Through Token ID, Everyware will act as a token requestor requesting network tokens on behalf of their clients and enabling their customers to pay with just a cell phone number across merchants and payment processors, wherever Visa is accepted.
Visa’s transformative tokenization technology, in conjunction with Everyware’s solution, allows customers to simply respond ‘yes’ by text message to quickly and safely authorize a payment. Everyware will provide this payment method, enabled by Token ID, to payment processors, gateways and software companies so their customers will be able to have a better checkout experience, and will see increased authorization success rates across all card types.
“Network Tokenization has taken a giant step forward in security and value for card-not-present transactions. Through the power of the Network Token, Everyware can provide a frictionless payment experience, ” said Larry Talley, Founder & CEO of Everyware.
The pandemic propelled contactless payments into modern day, and Everyware is now able to provide merchants with more convenient payment options without jeopardizing security. In fact, Network Tokenization minimizes the impact of security breaches and helps online merchants improve their data security by eliminating the actual storage of credit card numbers in any internal systems. Experts predict that retailers will lose about $130 billion between 2018 and 2023 to fraud¹. Network tokenization ensures that card details are protected throughout the entire transaction lifecycle.
For more such Updates Log on to https://fintecbuzz.com/ Follow us on Google News Fintech News
