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Visa Europe plans credit card-cloaking that could pave way for Apple Pay

Reuters - UK Focus

FRANKFURT, Feb 24 (Reuters) - Visa Europe said on Tuesday it would offer a secure way for consumers to pay retailers with their smartphones while concealing credit card details, a move that could set the stage for Apple (NasdaqGS: AAPL - news) 's Apple Pay and rival payment services to be introduced into Europe in coming months.

Visa Europe said it would introduce to member banks by mid-April a "tokenisation" service, a technique which substitutes random numbers for a user's credit card number when a merchant transmits transaction data, reducing the risk of online theft.

New (KOSDAQ: 160550.KQ - news) token-based security from Visa Inc (Xetra: A0NC7B - news) , a partner of Visa Europe, and rival card issuers MasterCard and American Express (Swiss: AXP.SW - news) were considered by many experts to be a critical security enabler when Apple Pay was introduced in the United States last year.

The announcement is just one of several new payment services the London-based credit card giant is unveiling. These include a way for card customers to send money overseas to other Visa users via social media profiles on Facebook (NasdaqGS: FB - news) , WhatsApp, Twitter (Xetra: A1W6XZ - news) or LinkedIn. (Reporting By Eric Auchard; Editing by Maria Sheahan)