PETALING JAYA: Revenue Group Bhd has secured a contract from Payments Network Malaysia Sdn Bhd (PayNet) for the provision of the MyDebit tokenisation platform.
PayNet is the national payments network and central infrastructure for Malaysia’s financial markets. Bank Negara Malaysia is PayNet’s single largestshareholder with 11 Malaysian banks as joint shareholders.
Under the agreement, it will develop and implement the platform for PayNet via its subsidiary Revenue Secure Sdn Bhd.
The group’s managing director and group CEO Datuk Eddie Ng Chee Siong pointed out that the platform will be integrated and used by more than 30 banks, upon completion.
“This 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 said in a press release.
To date, there are an estimated 45 million MyDebit cards in market circulation in Malaysia.
The group highlighted that tokenisation plays an important role in securing online and electronic commerce transactions which are processed by PayNet’s MyDebit switch.
It highlighted that 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.
With tokensation, sensitive account information such as the debit card 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.
