Axerve expands its existing proprietary eCommerce tokenization offering
Axerve , payment partner to Grow, specialising in creating accessible and frictionless payment solutions for eCommerce and physical sales, announces that it will expand its existing proprietary Ecommerce tokenisation offering to include the Network Tokens recently provided by circuits such as Visa and Mastercard and welcomes Chili, an international tech media and video on demand (VoD) firm, as one of the first companies to be activated on Network tokenisation.
Tokenisation positively impacts the security and shopping experience offered to customers in eCommerce transactions. Tokenisation allows merchants to retain payment credentials without having to obtain a full Payment Card Industry Data Security Standard (PCI DSS) certification. This means that by leveraging tokenisation, merchants and retailers can store tokens to complete future payment transactions. This is particularly relevant for one-click and MIT payments (Merchant Initiated Transactions), where the merchant initiates payment without the real-time presence of the buyer, such as automatic billing.
There are two categories of tokens: those offered directly by the payment service provider (PSP) and ‘Network Tokens’ introduced more recently by circuits such as Visa and Mastercard. As a PSP, Axerve has offered a private solution for tokenisation since 2012. This solution shifts the compliance obligations from card privacy rules away from the merchant and onto Axerve, which stores card PAN (Primary Account Number) data and gives the merchant a token. This token is then stored by the merchant for each new transaction performed on that card, allowing the end customer to experience a seamless payment process without privacy compliance costs unduly falling on the merchant.
Network Tokens can combat payment friction that emerges over the lifecycle of a card, such as at the point of card expiry or card loss and replacement. Network Tokens automatically update tokens in line with the data of the underlying card without the need to […]
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