Shieldpay, the London payments startup, announced Monday (Dec. 17) a new partnership with Visa in which the two will enable secure card payments across peer-to-peer networks and classified ad sites.
In a press release, Shieldpay said the partnership will result in the ability to use debit and credit cards for payments in the classified industry. According to the startup, its instant digital escrow service reduces the risk of fraud by verifying the identity of all of the parties involved in the transaction, holding the funds securely and only releasing them when all sides are satisfied. With the deal with Visa, Shieldpay will work with Visa’s CyberSource platform which enables industries that haven’t had secure payments in the past, such as classified ad platforms and peer-to-peer marketplaces, to do so.
“The Visa and Shieldpay partnership is game changing for the digital peer to peer marketplace and classified ad world. Fraud is a huge concern for users of these platforms, and the security Visa and Shieldpay can now offer will revolutionise the space,” said Peter Janes, chief executive and founder of Shieldpay, in the press release. “The team at Shieldpay continually strives to offer the most secure payment solutions to give consumers complete peace of mind when buying and selling online. Partnering with Visa will give us a strong platform for expansion and enhance our product offering by leveraging our combined assets. We are excited about the future and what we can build alongside Visa.”
Mike Lemberger, SVP Product Solutions for Visa, noted in the press release that the partnership with Shieldpay provides the global payment company with an opportunity to bring its digital payment functions to marketplaces and ad sites. He said Visa’s CyberSource enables Shieldpay to provide enhanced security and fraud management for card payments while Visa Direct enables real-time payouts to sellers online. “We are excited to work with Shieldpay to launch in multiple markets utilizing our enhanced offerings to help them to expand with speed and safely,” said Lemberger in the press release.