09/01/2021 | Press release | Distributed by Public on 09/01/2021 04:57
Minsait Payments, the payment subsidiary of Minsait, an Indra company, announced today it has joined Visa Ready - Tokenization in effort with Visa to expand the market for tokenization as companies develop new and secure digital payment services. Through collaborating with Visa, Minsait Payments is enabled to offer its customers in all sectors secure card digitization services in mobile payments through digital wallets and in e-commerce transactions.
Tokenization technology makes it possible to replace your card's sensitive information with a unique identification code ("token") in digital transactions. This eliminates the need to disclose card information in transactions and consequently reduces the risk of fraud while providing a better digital payment experience.
Obtaining this certification allows Minsait Payments to expand its range of processing services in response to the process of payment digitization brought about by the pandemic. This acceleration has increased the importance of the card on file in e-commerce and contactless payments in stores using mobile devices through the platforms of the major technology companies (Apple Pay, Google Pay or Samsung Pay).
"Visa Ready's Token Service Provider certification allows us to expand our range of digital services to help financial institutions and companies initiate the digitization of their cards from a mobile device, e-commerce device or smart watch. This process allows for more secure payments since the actual card data is not used during the transaction," says Miguel Ángel Prieto, Director of Payment Solutions at Minsait Payments.
"As the world experiences an unprecedented shift toward digital commerce over the last year, tokenization is becoming one of the most effective ways to avoid fraud and allow for more secure and easy digital payment experiences, says Belkis Barral," Senior Director Digital Solutions, Visa Latin America and the Caribbean. "This innovative technology is on the rise with increasing adoption by merchants and banks. In fact, today in Latin America and the Caribbean more than 65% of Visa's payment credentials are token ready, and we recently surpassed the 2 billion tokens milestone issued worldwide through Visa Token Service."
The Minsait subsidiary keeps moving forward towards its goal of offering innovative digital payment processing capabilities and solutions. Among its latest initiatives in this area, it has partnered with Cybersource, Visa Ready's payment management platform, to enhance its 3-D Secure 2.0 capabilities globally and help its customers expand their e-commerce transactions and reduce fraud.
About Minsait Payments
Minsait Payments (https://mediosdepago.minsait.com/es) is Minsait's payment method subsidiary that offers processing capabilities and innovative digital payment solutions. Minsait Payments' specialized services extend across all markets, including specific solutions for banks, fintech, retailers, airlines and oil and gas companies.
Minsait's subsidiary has over 25 years of experience and a team of more than 1,000 professionals who specialize in payments. It currently provides services in more than 15 countries and processes more than 220 million cards worldwide.
Minsait, an Indra company (www.minsait.com), is a leading firm in Digital Transformation Consultancy and Information Technologies in Spain and Latin America. Minsait possesses a high degree of specialization and knowledge of the sector, which it backs up with its high capability to integrate the core world with the digital world, its leadership in innovation and digital transformation, and its flexibility. Thus, it focuses its offering on high-impact value propositions, based on end-to-end solutions, with a remarkable degree of segmentation, which enables it to achieve tangible impacts for its customers in each industry with a transformational focus. Its capabilities and leadership are demonstrated in its product range, under the brand Onesait, and its across-the-board range of services.
Indra (www.indracompany.com) is one of the leading global technology and consulting companies and the technological partner for core business operations of its customers world-wide. It is a world leader in providing proprietary solutions in specific segments in Transport and Defence markets, and a leading firm in Digital Transformation Consultancy and Information Technologies in Spain and Latin America through its affiliate Minsait. Its business model is based on a comprehensive range of proprietary products, with a high-value focus and with a high innovation component. In the 2020 financial year, Indra achieved revenue of €3.043 billion, with more than 48,000 employees, a local presence in 46 countries and business operations in over 140 countries.