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Paynetics leverages Visa Token Service capabilities to offer new payments solutions to businesses across Europe

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05-11-2020 08:06:17
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Bulgarian fintech payment service provider Paynetics AD, today announced that it acquired tokenization capabilities through Visa Token Service to offer an extended range of services to businesses across Europe.

Paynetics can now take its innovative payment solutions in card acquiring and issuing, account management, bank transfers, digital banking platforms and tokenisation to a wider range of European businesses, via Visa’s existing network, as well as offer new solutions such as tokenised mobile wallets.

Driven by the continual rise of digital payments, tokenisation now plays a major role in the unique value proposition of card issuance. Tokenisation is the process of substituting a consumer’s physical card details with a unique digital token. The digital token allows payments to be processed without exposing underlying account information, thereby helping to make digital payment environments more secure and giving cardholders greater freedom and confidence in choosing how they wish to pay, while also providing more options for merchants to accept payments.

As the next stage in a long-term partnership with Visa, Paynetics who aims to streamline payments processes for their customers, will employ Visa’s technological capabilities and product expertise to offer a competitive proposition to both large enterprises and smaller businesses across Europe.

Organisations able to take advantage of this Paynetics’ services include fintechs, neo banks, and digital wallet providers, as well as non-financial corporations in a range of vertical industries such as telecoms, retail and direct sales, amongst others. Paynetics’s partnership with Visa will allow the company to scale and enter new markets quickly to develop comprehensive and competitive services to businesses looking to provide next-generation financial solutions for their customers.

Antonina Martinova, CEO, Paynetics, commented: “Our partnership with Visa is crucial to strengthening our payment solution portfolio and digital banking platform proposition for the European region. As a company with strong tokenisation capabilities, we can help to unlock new payments functionalities for our customers and, ultimately, give them full flexibility to structure their product offering to fit the specific needs of the end-user.”

Ivo Gueorguiev, Co-Founder and Executive Chairman, Paynetics commented: “We’re proud to expand our long-term partnership with Visa to continue our mission of simplifying and democratising payments, with a focus on functionality and user-friendliness. The work we are doing directly answers the current market trends and our customers' requirements for multiple digitalised payment options, in line with the increasing demand for contactless payments solutions and the broader societal drive towards cashless."

Sevdalina Vassileva, General Manager of Visa for Bulgaria, Greece and Cyprus, said: “We’re excited to expand our long-term cooperation and partnership with Bulgarian fintech company Paynetics. At Visa, we are committed to enabling fintechs to fulfill their potential by helping them create new connections within our ecosystem, building relationships between our clients and partners for the improvement of the global payment ecosystem. Our collaboration will help Paynetics achieve their expansion plans and to work with other players in the payments ecosystem across Europe for launching new ways to pay. The secure infrastructure brought by Visa Token Service is helping transform the way consumers shop and pay with billions of connected devices, while bringing all mobile payment options to everyday merchants so consumers can use mobile payments at payment terminals using any device.  ”

Paynetics
Visa
Visa Token Service
tokenization
payment
connected devices
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