The joint work will kick off in various countries including a project in Argentina, and soon expand into other markets across the region.
As Visa representatives have put it, today, more than half of Visa’s payment credentials in Latin America and the Caribbean are token ready. Spreedly connects directly to major card network tokenization services, providing a network token to be stored in Spreedly’s vault. The card networks, aware of any updates being made to account credentials, push those updates to Spreedly in real time, ensuring payment credentials are always up-to-date. The network token is stored alongside primary account numbers (PAN) in Spreedly’s vault for transacting with any combination of supported gateways and acquiring banks.
According to Spreedly, when stored credit and debit cards expire or are out of date, they can’t be used to process transactions. This can have major revenue and customer experience impacts for merchants that store card information for subscriptions or ongoing purchases. Network tokenization addresses this challenge — protecting sensitive data, regardless of card brand or payment type and ensuring that card credentials are updated seamlessly and securely when expired, which results in reduced fraud and a boost in overall success rates.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.