Revenue secures contract to develop payments tokenisation for Malaysia's PayNet

Monday 16 November 2020 15:46 CET | News

Malaysia-based payment solutions provider Revenue has secured a contract for the provisioning of the MyDebit tokenisation platform for Payments Network Malaysia (PayNet).

PayNet is the national payments network and central infrastructure for Malaysia’s financial markets. Bank Negara Malaysia is PayNet’s largest shareholder with 11 Malaysian banks as joint shareholders.

To date, there are approximately 45 million MyDebit cards in market circulation in Malaysia.

Tokenisation is userd in securing online and ecommerce transactions processed by PayNet’s MyDebit switch. Sensitive account information, such as a debit card’s 16-digit primary account number, 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 ability to store their debit cards in the merchant’s mobile app or website, which can be retrieved for future use without the needing to re-enter the card’s information.

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Keywords: revenue, Malaysia, MyDebit, PayNet, Payments Network Malaysia, tokenisation, platform
Categories: Fraud & Financial Crime
Countries: Malaysia
This article is part of category

Fraud & Financial Crime