Visa is ready to take its new and more secure technology for mobile payments to the European mainland. While this is itself a good news, it also means that this will pave the way for Apple Pay to move into Europe as its first step overseas.
Speaking the truth, this is not just going to be beneficial for Apple Pay but for the other mobile payment services working with Visa as well. The addition of Tokenization is supposedly expected to reduce the risk of any online theft by a great margin.
According to Visa Europe, the tokenization system will be introduced to the member banks before the middle of the month of April. For individuals who are not well aware with the term Tokenization, it is a service which will substitute random numbers from the credit card or debit card details of the user, when any merchant or vendor issues the transaction data. With certain randomly substituted details, the risk of a leak of the original card details will be reduced by a great margin, inducing more security in the sphere.
The experts believe that similar security measure from rivals like MasterCard and American Express has been one of the main reasons for Apple Pay’s huge success in the United States. With the initiation of Tokenization in Europe, it is expected that Apple will look forward to venture into the market.
This will take the competition between Apple Inc., Google and Samsung to another level as both the former companies have decided to venture deep into the mobile payment sector owing to Apple Pay’s huge success. On the other hand, Apple has restrained from making any direct comments in the regard, allowing to the expectancy to build which might turn the table in their favor.
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