The programme launches in the UK and will roll out throughout Europe in the coming months. Launch partners of the programme include Google and its Android Pay platform along with many important UK banks. Participant banks automatically have access to any third party wallet provider that is also a VEDEP participant. Third-party mobile wallet providers will gain access to more than 3,000 banks.
VEDEP gives banks and technology companies a framework that incorporates Visa’s token technology launched in 2015. Visa Europe Payment Tokenisation Service is designed to keep consumers’ card details secure, regardless of the ways in which they make a payment by substituting a series of numbers, a token, for the actual account information so that wherever token data is stored, the underlying card details remain unexposed.
US version of VEDEP was launched the in May 2015. The Visa Digital Enablement Program (VDEP) was also used by Google for the launch of Android Pay in the US.
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