Bulgarian fintech payment service provider Paynetics AD, has acquired tokenisation capabilities through Visa Token Service to offer an extended range of services to businesses across Europe.
The acquisition allows Paynetics to expand its payment solutions in card acquiring and issuing, account management, bank transfers, digital banking platforms and tokenisation to a wider range of European businesses.
It builds on the continued growth of digital payments, with tokenisation now playing a significant role in the unique value proposition of card issuance.
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.”
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, Paynetics, which aims to streamline payments processes for its customers, will employ Visa’s technological capabilities and product expertise to offer a competitive proposition to both large enterprises and smaller businesses across Europe.
Ivo Gueorguiev, Co-Founder and Executive Chairman, Paynetics added: “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.”
