This new payment method eliminates the need to share private payment card data. Through its collaboration with Visa, Everyware is leveraging Token ID, which enables 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 requester, 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 tokenization technology, in conjunction with Everyware’s solution, allows customers to respond ‘yes’ by text message to authorise a payment. The fintech will provide this payment method to payment processors, gateways, and software companies so their customers will be able to have an augmented checkout experience and will see increased authorisation success rates across all card types, according to Everyware.
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