Global acquiring, payment, fraud, and data analysis services company PXP Financial has received a Visa accreditation to become a token service provider. As per the information provided in the press release, the Visa Token Service (VTS) is a foundational platform for global tokenisation that enables an increasingly secure digital payment experience for millions of customers daily by substituting Visa card numbers with tokens.

PXP Financial and the token service provider accreditation Tokens are unique to a merchant and card. Being accredited as a token requestor and token service provider, PXP Financial is set to perform the provisioning of tokens on behalf of its merchants and store the tokens to use for upcoming payments. Together with improved security, the development will help deliver to PXP Financial customers additional benefits of the likes of increased approval rates, as authorisations performed leveraging a token have a higher probability of being approved by the issuer.

What is more, the token integration is set to incorporate notifications regarding card updates, which are believed to help result in a decrease in card declines that take place due to an expired card. When commenting on the announcement, Kamran Hedjri, Founder and Group CEO of PXP Financial advised that as the payments ecosystem is in a state of transition, fraud remains the predominant challenge, and Visa and others are helping further transition card payments to a fully digital future, underpinned by the security of payment tokens.The official added that PXP Financial has a focus on keeping its merchants at the forefront of significant developments in the payments industry, predominantly when it can enable tangible benefits to card acceptance rates and security. Due to this, and to be compliant with card scheme recommendations regarding the usage and storage of card data, the company is moving towards the general use of scheme tokens, where it launched the activation of Visa end of May successfully.

Adding on this, Hap Huynh, Vice President of Visa Digital Solutions advised that the last year, Visa Token Service issued its 4 billionth token, marking a milestone that almost doubled Visa’s token count in a year, exceeding the number of physical Visa cards in circulation worldwide. As per the spokesperson’s statement, the milestone helps showcase the powerful security that tokens provide to merchants, issuers, and consumers alike. PXP Financial offering and strategy An end-to-end payment platform, PXP Financial provides a single unified payments platform for online, mobile, and point-of-sale payment acceptance.

Powered by in-house acquiring, a variety of alternative payment methods and financial services, PXP processes more than EUR 22.7 billion on a yearly basis through its unified gateway. Through its payment platform, PXP Financial seeks to support business growth, providing all the payment services required from one source. .