As business continues to move online at a rapid pace, one of the biggest ecommerce transaction processors globally just announced a big move. Worldpay has agreed to both enable Visa’s token management service., which masks users’ card credentials, and support a streamlined online checkout technology provided by the major card networks, Click to Pay.
Click to Pay is a one-click checkout option that allows consumers using Visa, Mastercard, Discover and American express cards to complete the checkout process without having to enter in key details like card information and shipping data. Initially, the consumer enrolls through their card network(s) by entering in their information online, and then uses Click to Pay when they’re ready to check out at their favorite online retailers.
In 2019, WorldPay was acquired by FIS Inc. in a deal valued at $43 billion. In a related move, WorldPay then enabled access to Visa’s token management service. This essentially replaces actual card account credentials with strings of data, making it meaningless and impossible for the data to be intercepted by hackers. According to the processor, this tokenization service, as it’s called, will be available to all clients internationally through a single interaction.
“This new token-management service approach changes the rules on tokenization by unifying a variety of tokens and data types, making token management simpler for online merchants who are looking for more security and seamless payment experiences,” Nicole Jass, senior vice president of product at FIS, explained in a statement.
“Merchants and shoppers will both benefit from this increased level of security, which will help protect sensitive data across the entire payments ecosystem.”
2020 Rapidly Boosts E-Commerce
Without a doubt, 2020 was the year that flung e-commerce and mobile devices years ahead of their time. While many of the changes in payment processing were in the works, the conditions and uncertainty surrounding the pandemic considerably sped up the timelines for these trends. For example, U.S. credit unions reported that 54.7% of its credit card purchase volume and 46.8% of its transactions are now card-not-present – up 8.6% and 10% year-over-year.
And the growth just keeps going. As 2021 continues to look like it will be difficult for business owners, more and more are considering and implementing new technologies and payment processing solutions. Payment processors like WorldPay are focused on ensuring these merchants are able to secure the tools and technology they need to handle changing consumer trends, increasing concerns over cyber attacks and the need for even greater data security.
As one of the largest e-commerce transactions processors globally, WorldPay is one of the providers making these improvements happen. According to the company, overall, they handle more than 40 billion transactions (online, mobile and point-of-sale) yearly for more than 1 million merchants.
They Key: Find the Right Ecommerce Processor for You
The key to keeping up with all of the shifts and changes taking place is to make sure you’re working with the right ecommerce processor for your business. Each business and industry has their own unique set of challenges and circumstances. To operate smoothly and fulfill your customers needs, you have to choose a processor who can handle the obstacles and opportunities you face.
If you’re looking for a new ecommerce processor, check out the helpful reviews and information the team at Best Payment Providers has put together. Find and partner with a provider that has the reputation and experience your business deserves.
Leading ecommerce processor WorldPay announced its move to enable Visa token and Click to Pay options for consumers. Browse ecommerce processor reviews via Best Payment Providers.