In the midst of a boom in online commerce, one of the biggest e-commerce transaction processors globally has agreed to support both a Visa Inc. service that masks users’ card credentials and a streamlined online checkout technology offered by all four major card networks.
FIS Inc. said Thursday its Worldpay processing unit will switch on Click to Pay, a so-called common buy button that allows users of Visa, Mastercard, Discover, and American Express cards to check out without entering details such as card and shipping data. FIS acquired Worldpay last year in a deal valued at $43 billion.
In a related move, Worldpay will enable access to Visa’s token-management service, which replaces actual card account credentials with strings of data that would be meaningless if intercepted by hackers. The processor said the tokenization service will be available to all clients internationally via a single integration and will handle both Visa and Worldpay tokens.
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The Strawhecker Group (TSG) and Visa Consulting & Analytics (VCA) teamed up to survey a representative sample of U.S. consumers, and analyzed Visa’s proprietary spend data, with the goal of understanding how the COVID-19 pandemic has impacted consumer lifestyles, payments trends, and how behaviors may change after the pandemic.