The partnership aims to integrate ShieldPay’s digital escrow system into Visa’s CyberSource payment gateway, in order to enable secure peer-to-peer transactions. As such, buyers will be able to make credit or debit card purchases via CyberSource, while the funds will be held securely by ShieldPay. They will only be released to the seller when the buyer is satisfied with the transaction.
In addition, Visa will produce a ShieldPay card that will enable users to add funds from marketplace sales directly to the card to use daily. It will also create a business version of the card for corporate clients.
ShieldPay is designed to combat online fraud, which runs to USD 13.9 million US annually. The company’s mission is to eliminate peer-to-peer fraud, as well as all payment fraud so that everyone can transact with each other with total confidence. The company allows individuals or businesses to create an instant digital escrow facility in less than 10 seconds, with no set-up costs. ShieldPay then verifies the identities of buyer and seller, and only releases funds upon agreement.
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