Join our Waitlist for Expert Advice!

Visa Europe Paves the Way to Bring Apple Pay Across the Pond The London-based payment processing company announced a new 'tokenisation' service that allows customers to pay on a mobile device without credit card information being disclosed.

By Catherine Clifford

Opinions expressed by Entrepreneur contributors are their own.

Monica Dipres

Apple Pay aficionados may soon be able to tap, tap on their smartphones and pay in Europe.

Visa Europe announced today that it is unveiling a new payment technology that allows credit card payments to be processed by a retailer without disclosing specific credit card data. The "tokenisation" service uses a series of numbers, not credit card numbers, to verify a payment, according to a statement released by the London-based payment processing company today.

The introduction of this mobile payment technology to Europe paves the way for Apple to bring its popular, touch Apple Pay system across the Atlantic. Thus far, ApplePay has only been available in the U.S.

Apple did not immediately respond to an email seeking comment on its plans to expand Apple Pay.

Related: Samsung Buys Mobile Payments Startup to Take on Apple Pay

Visa Europe said the launch of tokisation technology was indeed a catalyst for mobile payment technology becoming more mainstream in Europe. "This is an exciting time to be in the payment industry. We believe that 2015 will be the year that mobile payments will be in the hands of consumers across Europe," said Sandra Alzetta, an executive director of products for Visa Europe, in the statement.

Visa Europe is partnered with the U.S. credit card megaloth Visa, but it operates independently.

Related: How Apple Pay Is Poised to Transform the Trillion-Dollar Service Industry

The benefit of a mobile payment system like Apple Pay or one of its rivals, beyond the convenience of not having to fumble for a your wallet and credit card in your handbag or pocket, is safety. With the tokenisation technology, a consumer's credit card information is never shared with the merchant during a payment.

With Apple Pay specifically, a Device Account Number is generated for each customer and encrypted and stored on a chip in your mobile device. The credit card numbers, therefore, are not ever even stored on the Apple servers.

Related: Apple Opens its App Store to 4.5 Billion Chinese Credit Cards
Catherine Clifford

Senior Entrepreneurship Writer at CNBC

Catherine Clifford is senior entrepreneurship writer at CNBC. She was formerly a senior writer at Entrepreneur.com, the small business reporter at CNNMoney and an assistant in the New York bureau for CNN. Clifford attended Columbia University where she earned a bachelor's degree. She lives in Brooklyn, N.Y. You can follow her on Twitter at @CatClifford.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Business News

Apple Intelligence Is Finally Dropping This Week. Here's a Peek at What's Changing on Your iPhone.

Apple's iOS update will introduce features like AI summaries of text messages and an AI-powered Siri that can handle tech support questions.

Business News

A Wells Fargo Worker Was Discovered 4 Days After Dying at Her Desk. Her Cause of Death Was Just Revealed.

Medical examiners have released the cause of death of Denise Prudhomme, who was found dead at her desk in Wells Fargo's Tempe, Ariz. office.

Business News

You Have One Month Left to Buy a House, According to Barbara Corcoran. Here's Why.

"If you are planning on waiting a year and seeing where interest rates go, you are out of your mind," Corcoran said.

Leadership

How to Create a Workplace Culture That Supports Digital Transformation (and Why It's Important)

Technology and culture change go hand in hand — pay attention to both!

Business News

Meta Fires Employee Making $400,000 Per Year Over a $25 Meal Voucher Issue

Other staff members were fired for the same reason, per a new report.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.