PXP Financial enhances security with Mastercard

This accreditation enables PXP Financial to leverage Mastercard's Secure Card on File tokenization program, aiming to enhance security and user experience for merchants.

The MDES platform enables the digitization of various Mastercard card types for diverse digital payment methods, offering PXP Financial an avenue to enhance security measures for online and in-app purchases. By adopting Mastercard's Secure Card on File technology, PXP Financial aims to provide an added layer of security for its customers.

Kamran Hedjri, CEO & Founder of PXP Financial, emphasized the significance of security in today's global marketplace and highlighted the company's commitment to staying at the forefront of payments innovation while prioritizing security.

The MDES seeks to address concerns regarding identity theft by converting sensitive information into non-sensitive digital tokens, thus safeguarding cardholders from potential fraud. These digital tokens are utilized for secure e-commerce and in-app transactions, reducing the risk of exposing payment card details. Additionally, device-specific tokens contribute to bolstering security measures.

Aside from mitigating risks associated with fraud, digital tokenization offers several benefits, including aiding compliance with PCI DSS, improving approval rates, and facilitating faster transactions. It's noted that digital tokenization differs from encryption in that sensitive data remains within the organization it was initially shared with.

Google accreditation

In February 2024 PXP Financial announced its accreditation as a Google Pay Payment Service Provider (PSP). This accreditation enables PXP Financial to facilitate Google Pay integrations for both web and native applications, as well as securely process transactions by decrypting payment data and authorizing them directly with the acquirer.

Google Pay is a widely utilized mobile payment application boasting over 150 million users globally. It allows for quick and secure transactions across websites, apps, and physical stores using cards stored in users' Google accounts. The platform serves as the secure payment gateway for approximately 800,000 websites and accounts for around 20% of all mobile purchases, highlighting its substantial influence on digital transactions.

Executives from PXP Financial emphasized the evolving consumer expectations, stating that consumers now anticipate flexibility in their purchasing experiences. PXP Financial aims to assist its customers in adapting to market changes and meeting end-users' demands by adding Google Pay to its array of online and in-store payment solutions. This move is intended to help merchants enhance sales, minimize friction, and foster customer loyalty by aligning with evolving consumer preferences.

PXP Financial offers a unified payments platform that enables businesses to accept payments online, on mobile, and at the point of sale. With in-house global acquiring and support for over 120 alternative payment methods and financial services, PXP processes over EUR 22.7 billion annually through its unified gateway, facilitating business growth for its clients.