With the digital business trend, global merchants demand a more seamless and secure payment experience. Recently, Visa and Tonglian Pay announced that they have reached a cooperation, and Tonglian Pay has officially become the first Visa Token Service provider in China. This move will greatly enhance the Visa cross-border payment technical service capabilities of Tonglian Pay, and under the background of the coordinated development of the internal and external dual cycles of the Chinese economy, it can better provide China's cross-border export e-commerce with efficient payment solutions and enhance the Visa card The efficiency and security of cardholder payments to online merchants.
According to a global survey by Kantar[1], although merchants believe that they have provided a good online shopping experience, consumers still say that the online shopping experience is not as good as expected. In the Asia-Pacific region, 22% of survey respondents said they encountered difficulties and challenges when shopping online, while about 54% of the respondents believed that compared with in-store shopping, online shopping is more difficult and satisfying. Another survey on consumer experience [2] shows that if they experience a bad shopping experience, 32% of consumers will stop buying products from their favorite brands. In addition, 45% of consumers said that they had abandoned the purchase order due to payment problems.
For cross-border e-commerce providers that provide online retail, in addition to improving the user interface of the website and mobile terminals, improving the efficiency of transactions and payments is also crucial. The Visa Token Service can replace Visa card numbers with digital tokens, giving each transaction a unique token, allowing payments to be processed without revealing the actual account details, reducing the risk of transaction data leakage and transaction fraud. At the same time, the application of the Visa token service in the scenario of cross-border e-commerce in China can also greatly improve the success rate of cross-border online transactions, optimize the efficiency of Visa card holders’ payment to merchants during online shopping, and allow card holders People have a richer digital payment experience.
Mr. Wenming Yang, Vice President of Visa Global and General Manager of Merchants and Acquiring Business Department in Greater China, said: "Under the epidemic, we have found that the development of e-commerce has accelerated, people's demand for online shopping has increased, and consumer behavior is rapidly changing. Visa, as a network that converges payment networks, connects consumers, merchants and all partners in the payment link, accelerates the process of payment development, and supports economic growth. Tonglian Pay is one of the leading Visa payment solution providers in China , We work closely with Tonglian Pay to enhance the innovative service capabilities of Tonglian payment technology, and jointly provide token services for online merchants, increase the security of transaction data dissemination, protect the rights and interests of merchants and cardholders, and better control including online shopping, Business opportunities such as games, travel and mobile wallets meet the needs of cross-border export e-commerce."
Mr. Lu Hongtao, Assistant President of Tonglian Payment and President of the Group Customer and Cross-border Service Business Unit, emphasized: "China's cross-border export e-commerce is developing rapidly , Has become a new engine for the development of China’s foreign trade. At the same time, a large number of export seller customers have also put forward higher demands and requirements for the compliance, safety and efficiency of cross-border payment services. As a payment institution for overseas business, Tonglian Payment will combine the strong cross-border product and service capabilities of Visa and other international institutions, and through technological innovation, it will truly help export sellers to solve the worries of cross-border payment difficulties, and provide one-stop integration for cross-border e-commerce Services.”
Visa tokenization technology is based on the EMVCo payment tokenization standard and is consistent with EMV technology (a global standard for secure payments), supporting the entire payment ecosystem. In the future, Visa will strengthen the deployment of Visa token services and provide related solutions to domestic market partners, including card issuers, IoT participants and merchants. By promoting the Visa token service, we can better support the business of Chinese online merchants and online travel operators, provide seamless and secure payment solutions, strengthen the online acceptance environment of international Visa cards, and enable more domestic online Merchants can accept Visa card transactions issued abroad, expand their business scope and achieve growth.