Netcetera AG: Tokenization benefits now available to GPE merchants in Europe
- Written by Media Outreach
- eCOM Tokenizer of G+D and Netcetera to secure online shoppers' privacy and boost e-commerce businesses.
Network tokenization is a technology that ensures merchants and consumers can use the latest developments in digital payments. On average, every merchant faces a 6% monthly expiration of their customer accounts, severely impacting the payment flows and the conversion rates. To increase the conversion by keeping the credentials always up-to-date and enhancing the security, GPE introduced card network tokenization using the innovative and award-winning eCOM Tokenizer of Netcetera and G+D. The eCOM Tokenizer acts as an aggregator service, seamlessly connecting GPE's payment gateway, GP webpay, with token services offered by major card networks such as Mastercard Secure Card on File and Visa Token Service. It enables tokenization of the card data for all the Cards on file and Recurring payments.
This step is expected to yield remarkable benefits for merchants, including a 3-5% increase in approval rates, primarily due to better risk scoring and approvals by card issuers. By securely storing and processing customer payment information, the eCOM Tokenizer solution significantly reduces the risks associated with fraud and data breaches.
GPE has witnessed a remarkable conversion rate improvement during the first weeks of operations. This improvement can be attributed to the automatic renewals of the card data in case of lost or stolen cards and the enhanced security features that have reinforced customers' trust. "It's our responsibility to offer our merchants and online shoppers a secure and seamless experience. Therefore, we once again turned to Netcetera and its card network service to safeguard the interests of our customers and end-cardholders. Together, we lay a solid foundation to future-proof our services against the evolving needs of the market and the online shoppers." - commented Vaclav Kerka, Director of E-commerce Solutions at GPE.
Recognizing the importance of network tokenization, card networks have introduced financial incentives for processing tokenized transactions. Acquirers not adopting this technology will face performance fees for PAN-approved Authorizations.
The role of Network Tokenization in preventing false declines is undeniable, with market predictions suggesting that it will facilitate 85% of all global e-commerce transactions by 2028.
Peter Frick, Manager of Secure Digital Payment at Netcetera, emphasized: "It's a privilege and an inspiration to serve a valued partner like GPE. As they continue to expand and thrive, so do we. Collaborating with forward-thinking partners like GPE allows us to push boundaries and gain fresh insights continually." The partnership's mission is clear: to elevate cardholders' experience and pioneer innovative, reliable, and human-centric solutions that enhance every aspect of the online payment landscape.
Hashtag: #NetceteraAG
The issuer is solely responsible for the content of this announcement.
