Skipify and Discover Announce Strategic Partnership to Enhance Tokenization & Streamline Digital Payments

Rhea-AI Summary

Skipify and Discover Global Network have announced a strategic partnership aimed at enhancing digital payment experiences. The collaboration focuses on implementing advanced tokenization technology to improve security and streamline checkout processes for Discover cardholders.

Through Skipify's Commerce Identity Cloud, the partnership will replace sensitive card information with encrypted tokens, targeting reduced fraud and improved data security. The integration is expected to boost authorization and conversion rates for participating merchants while delivering a more seamless shopping experience.

Skipify's network already includes major card issuers like American Express, Mastercard, VISA, and Synchrony. With over 100M consumer cards, Skipify's platform is projected to recognize 1 in every 2 U.S. shoppers by the end of 2025.

Positive

• Strategic partnership expands Skipify's network to include all major card issuers
• Enhanced security through advanced tokenization technology
• Potential for improved authorization and conversion rates for merchants
• Platform projected to reach 50% of U.S. shoppers by 2025

Negative

• None.

News Market Reaction

+1.18%

1 alert

+1.18% News Effect

On the day this news was published, DFS gained 1.18%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Skipify's Commerce Identity Cloud to provide secure and seamless shopping experience for Discover cardholders

SAN FRANCISCO, March 5, 2025 /PRNewswire/ -- Skipify, a leading financial technology company redefining the checkout experience, today announced its partnership with Discover® Global Network, a leading global payment network connecting millions of merchants and cardholders across more than 200 countries and territories worldwide. The technology partnership aims to provide simplified and enhanced checkout for Discover cardholders, improving shopper satisfaction and delivering higher authorization, conversion, and security for participating Discover merchants through Skipify's payment infrastructure.

In the early phases of the project, Skipify will integrate advanced tokenization technology from the Discover® Network, enhancing security by replacing sensitive card information with encrypted tokens. Both automatically provisioned and manually entered cards in Skipify will be tokenized with Discover, aiming to reduce fraud and safeguard customer data during the transaction. The enhanced security can also improve authorization and conversion rates for merchants, delivering a more seamless and satisfying experience for both them and their customers.

Skipify's collaboration with Discover signifies a shared commitment to advancing the future of commerce through innovation. The two companies will continue to align product development roadmaps to develop new digital shopping experiences that meet the evolving needs of consumers and businesses.

"Discover is committed to building network tokenization services and ensuring they're available to merchants and consumers in an impactful way. Skipify helps us do this in real time at online checkout," said Judith McGuire, the Head of Global Products at Discover® Global Network. "Because of our direct connection with Skipify, we can enable both current and future capabilities without merchants or consumers needing to do additional work to reap the benefits."

"We are very excited to partner with Discover, a pioneer in the card industry recognized for their commitment to cardholder security and benefits," said Ryth Martin, Founder and CEO of Skipify. "We're building a new standard in payments where people can check out using just their digital identity, and we're thrilled to have Discover join us on this journey."

Discover adds to Skipify's existing and growing network of integrated card issuers and networks, which already include American Express, Mastercard, VISA and Synchrony. With more than 100M consumer cards, Skipify's Commerce Identity Cloud is on track to recognize 1 in every 2 U.S. shoppers by the end of 2025.

About Discover

Discover Financial Services (NYSE: DFS) is a digital banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company issues the Discover® card, America's cash rewards pioneer, and offers personal loans, home loans, checking and savings accounts and certificates of deposit through its banking business. It operates the Discover Global Network® comprised of Discover Network, with millions of merchants and cash access locations; PULSE®, one of the nation's leading ATM/debit networks; and Diners Club International®, a global payments network with acceptance around the world. For more information, visit www.discover.com/company.

About Skipify

Skipify is a fintech company based in San Francisco, California whose mission is to connect people to the merchants and financial products they trust and love through innovative, reliable, and secure digital experiences that feel more like magic than software. Built in partnership with the world's largest financial institutions, acquirers and card networks, Skipify's Commerce Identity Cloud helps merchants significantly boost approval and conversion rates by minimizing friction and abandonment at checkout.

Skipify has been recognized as a Fast Company Best Workplace for Innovators, Top 100 Financial Technology Company, "The Future of Payment Infrastructure" by Money20/20, and a CB Insights Retail Tech 100 honoree. Skipify is backed by some of the world's leading fintech and commerce enablement investors, including Samsung NEXT, Amex Ventures, Synchrony Ventures, Okta Ventures, Point72, Flourish Ventures, Infinity Ventures, PayPal Ventures, Vinyl, Worldpay, and BDT & MSD Partners. For more information visit https://www.skipify.com/.

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SOURCE Skipify

FAQ

What are the main benefits of the Skipify-Discover (DFS) partnership for merchants?

The partnership offers enhanced security through tokenization, higher authorization rates, and improved conversion rates for participating merchants using Skipify's payment infrastructure.

How many consumer cards does Skipify's platform currently process?

Skipify's Commerce Identity Cloud processes over 100M consumer cards across various major card networks.

What is Skipify's projected market reach by the end of 2025?

Skipify aims to recognize 1 in every 2 U.S. shoppers by the end of 2025 through its Commerce Identity Cloud platform.

Which major card issuers are currently integrated with Skipify's network?

Skipify's network includes American Express, Mastercard, VISA, Synchrony, and now Discover Global Network.