Worldline launches e-commerce payment solution
Written by Peter Walker
Worldline has launched a dedicated payment solution for online marketplaces, using tokenisation to encrypt financial data.
The solution is designed to cater for the particular needs of marketplaces, ranging from those for physical products to franchise systems, travel agents, self-check-out solutions and delivery services.
For those marketplaces with an international footprint, a variety of currencies can be processed, and Dynamic Currency Conversion (DCC) is available.
When using the solution, there is no need for marketplace operators to have their own payment institution license. As a regulated pan-European company, Worldline fulfils the requirements of a licensed payment service provider and is therefore positioned to perform activities like managing the splitting of payments amongst authorised sellers, as well as the related commission allocation.
This ensures compliance with payment transaction regulations, anti-money laundering rules and know your customer (KYC) obligations.
All automated payments, including variable commission models, are processed via a unified Application Programming Interface (API). From a contractual perspective, only the marketplace operator holds a relationship with Worldline.
The technology behind the payment transactions is tokenisation, whereby sensitive data - such as credit card numbers - are encrypted and replaced by substitute numbers called tokens.
The first online marketplace customers have already been on-boarded in Austria, Cyprus and Switzerland, where SIX Payment Services has been part of Worldline since the end of 2018.
Online marketplace sales already make up 40 per cent of the total e-commerce market, according to research company Forrester, which recently predicted the segment to grow to 66 per cent of business-to-consumer online retail spending by 2022.