Visa is reportedly sun-setting its Visa Checkout system by 2020, a news report reveals, as the financial company will release a new payment tool…
American multinational financial services corporation Visa will shut down its online payment system, Visa Checkout, in 2020. A news report by 9to5Google states the PayPal competitor will cease operation next year.
2020 Visa Checkout Shutdown Reported
The demise of Visa Checkout isn’t exactly an out-of-the-blue surprise. Earlier this year, Visa, along with Mastercard, American Express, and Discover, announced they would unite to introduce their own checkout tool. Recently, Google Pay delisted Visa Checkout.
Visa will migrate to a new system based on EMV SRC. The change would allow Visa customers to use the newly expanded Visa Token system. That process secures sensitive user information — like accounts numbers and credit card expiration dates — with a digital identifier.
The move provides customers with added and improved security and offers more protections against identity theft or other malicious activities, through data breaches and more.
Visa will roll out its new EMV SRC to its customers over the next few months. However, full integration won’t occur until sometime next year. Meanwhile, Visa Checkout will work as normal but not for Google Pay.