Dive Brief:
- P97 Networks, a connected commerce and mobile payments company, has partnered with Visa to use the financial giant’s token technology to improve digital payment security, according to a press release.
- The agreement aims to reduce friction for connected-car payments and enhance mobile payment acceptance at the 60,000 convenience stores using P97’s solutions.
- As the partnership matures, there are plans to offer more connected commerce experiences, such as payment solutions for electric vehicle charging across public networks and fleet-charging solutions.
Dive Insight:
As convenience stores look to create a more frictionless experience for customers, offering additional safe payment options becomes more important for retailers.
Visa’s token technology increases security by replacing the specific details of someone’s payment method, such as the credit card number or expiration date, with a “token,” or a digital identifier. This makes it harder for scammers to access vital information and access a person’s account.
"This collaboration underscores the powerful security that tokens provide to auto OEMs, energy brands, and issuers alike. Drivers and consumers that embrace digital payments and mobile apps tend to be more loyal and transact more frequently at the same brands," Ansar Ansari, senior vice president and global head of product platforms at Visa, said in the announcement.
Connected commerce is the idea that technology allows customers to shape their in-store and digital shopping experiences. That can include mobile shopping, touchless payments, delivery options, loyalty programs and more.
P97 Networks offers a variety of payments and mobility solutions for convenience stores, CPG companies and automotive manufacturers.
