Visa has acquired technology company Rambus’ payments and ticketing businesses to expand its security benefits of tokenisation beyond its cards to all transactions.
Rambus, a US company that designs, develops and licenses chip interface technologies and architectures that are used in digital electronics products, launched its payments and ticketing arms in 2016 following its acquisition of Bell ID and ticketing specialists Ecebs.
Following the buyout, Visa’s network tokenisation capabilities will be combined with the local and account tokenisation technology of Rambus.
Tokenisation technology replaces sensitive payment information with a unique identifier, or ‘token’, to make digital payments safer.
Visa currently offers these capabilities through Visa Token Service for card-based payments on the Visa network, and with Rambus’ token technology, it will be able to extend the tokenisation to all types of transactions beyond Visa cards, including those on domestic card networks, account-based and real-time payments systems.
TS Anil, global head of payment products and platforms at Visa, said: “Facilitating safer, more secure digital transactions is core to Visa’s brand promise and central to growing electronic payments for everyone, everywhere.
“As the way people and businesses pay and get paid continues to evolve, the addition of Rambus’ technology will allow us to deliver greater security beyond the card to support more transactions, payments systems and participants.
“Going forward, we will apply these expanded capabilities, expertise and scale to help further all forms of global commerce.”
Jerome Nadel, general manager of payments and ticketing at Rambus, added: “Rambus Payments and Ticketing solutions are at the forefront of tokenisation technology.
“Joining forces with Visa as a payments leader will allow the group to scale technology and capabilities to deliver new products and services to the market, while continuing to partner with existing customers.”
The transaction is subject to relevant regulatory approvals and other customary closing conditions.
Image: Pxhere
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