Bulgarian fintech payment service provider Paynetics AD, today announced that it acquired tokenization capabilities through Visa Token Service to offer an extended range of services to businesses across Europe.

Paynetics can now take its innovative payment solutions in card acquiring and issuing, account management, bank transfers, digital banking platforms and tokenisation to a wider range of European businesses, via Visa’s existing network, as well as offer new solutions such as tokenised mobile wallets.

Driven by the continual rise of digital payments, tokenisation now plays a major role in the unique value proposition of card issuance. Tokenisation is the process of substituting a consumer’s physical card details with a unique digital token. 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.

Organisations able to take advantage of Paynetics’ services include fintechs, neo banks and digital wallet providers, as well as non-financial corporations in a range of vertical industries such as telecoms, financial services, retail and direct sales, amongst others. Paynetics’ partnership with Visa will allow the former to scale and enter new markets quickly, and to develop comprehensive and competitive services for businesses looking to provide next-generation financial solutions for their customers.

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.”

Ivo Gueorguiev, Co-Founder and Executive Chairman, Paynetics commented: “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."