PayNet Signs on Revenue to Develop Secure Payment Tokenisationby Fintech News Malaysia November 16, 2020 0 comments
Payment solutions provider Revenue has secured a contract for the provisioning of the MyDebit tokenisation platform (TSP) for Payments Network Malaysia (PayNet).
To formalise the deal, the company’s subsidiary Revenue Secure had signed an agreement with PayNet for the contract. Under the agreement, Revenue Secure will develop and implement the TSP for PayNet.
PayNet is the national payments network and central infrastructure for Malaysia’s financial markets. Bank Negara Malaysia (BNM) is PayNet’s single largest shareholder with 11 Malaysian banks as joint shareholders.
Datuk Eddie Ng Chee Siong, the Managing Director and Group Chief Executive Officer of Revenue said upon completion, the platform will be integrated and used by more than 30 banks throughout Malaysia.
To date, there are approximately 45 million MyDebit cards in market circulation in Malaysia.
“This indeed is another major milestone for REVENUE as we are building a crucial component in payment ecosystem for PayNet to be used in Malaysia, whereby all MyDebit (i.e. ATM card) cardholders can use it securely for online payments”
Tokenisation plays an important role in securing online and electronic commerce transactions which are processed by PayNet’s MyDebit switch.
Sensitive account information such as a debit card’s 16-digit primary account number (PAN), is replaced with a unique substitute identifier known as a token PAN, for a purchase transaction. This protects sensitive information from theft and fraud, ensuring a secure checkout for cardholders.
Apart from added security, tokenisation also provides cardholders the convenience to store their favourite debit card in the merchant’s mobile app or website, that could be easily retrieved for future use without the hassle of entering card information repeatedly. This could encourage shoppers to use MyDebit or ATM cards when making payments online and also increases conversion rate for online merchants.
The use of tokens, the process of substituting a sensitive data element with a non sensitive equivalent, is also an integral strategy for financial institutions to enhance payment security in order to combat online fraud.
Featured Image: Datuk Eddie Ng Chee Siong, Managing Director and Group CEO of REVENUE