KUALA LUMPUR: Payment solutions provider Revenue Group Bhd will build a crucial component in payment ecosystem for Payments Network Malaysia Sdn Bhd (PayNet) to be used in Malaysia.
The company said on Monday it had secured a contract to provide the MyDebit tokenisation platform for PayNet – which is the national payments network and central infrastructure for Malaysia’s financial markets.
Bank Negara Malaysia is PayNet’s single largest shareholder with 11 Malaysian banks as joint shareholders.
To formalise the deal, its subsidiary Revenue Secure Sdn Bhd had signed an agreement with PayNet for the contract.
Revenue managing director and group CEO Datuk Eddie Ng Chee Siong said upon completion, the platform will be integrated with and used by more than 30 banks throughout Malaysia.
To date, there are about 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, ” he added.
Tokenisation helps secure online and e-commerce transactions which are processed by PayNet’s MyDebit switch.
Sensitive account information such as the debit card 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.
This will encourage shoppers to use MyDebit/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.
Source: The Star