16 November 2020
Revenue Group to develop tokenisation platform for PayNet

KUALA LUMPUR: Payment solutions provider Revenue Group Bhd has secured a contract to provide MyDebit tokenisation platform (TSP) for Payments Network Malaysia Sdn Bhd (PayNet).

PayNet 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, the company’s subsidiary Revenue Secure Sdn Bhd today signed an agreement with PayNet.

Revenue Group said Revenue Secure would develop and implement the TSP for PayNet.

Revenue Group managing director and group chief executive officer Datuk Eddie Ng Chee Siong said upon completion, the platform would 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,” Ng said in a statement.

The company said 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 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.

Revenue Group said 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 scores big for encouraging 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: New Straits Times