PXP Financial, a provider of global acquiring, payment,
fraud, and data analysis services, has recently announced its accreditation as
a Token Service Provider by Mastercard.
This accreditation is facilitated through the Mastercard
Digital Enablement Service (MDES). The MDES platform serves as a solution
enabling the digitization of supported Mastercard card types for various
digital payment methods. Through this service, PXP Financial gains access to a
Secure Card on File tokenization program, promising enhanced user experiences
and improved approval rates for merchants utilizing Mastercard tokens.
Kamran Hedjri, CEO & Founder of PXP Financial, Source: LinkedIn
Kamran Hedjri, the CEO & Founder of PXP Financial, said:
“We know merchants are under pressure to combat the rise in fraud while
providing smooth and convenient payment experiences that help to drive sales
and foster customer loyalty. At PXP Financial, we take our responsibility to
merchants navigating this landscape incredibly seriously, keeping our client
base across the world at the cutting-edge of payments innovation while
maintaining a laser focus on security.”
By leveraging Mastercard’s Secure Card on File technology,
PXP Financial aims to bolster security measures for its clientele engaging in
online and in-app transactions. This technology converts sensitive customer
information into non-sensitive digital tokens, safeguarding against identity
theft and other cyber threats.
Advantages of Digital Tokenization
The digital tokens serve as secure alternatives to
conventional payment card details, effectively shielding customers’ primary
account numbers in a token vault during transactions. Moreover, device-specific
tokens add an additional layer of security to the process.
.@FinancialPxp Leverages @Mastercard Tech to Fight Fraud.
Read more: https://t.co/gAN23WZLkh#security #fintech #finance #FinancialIT
— Financial IT (@financialit_net) April 9, 2024
Given the alarming frequency of identity theft cases,
estimated at one new case every 22 seconds, and anticipated to worsen, the
adoption of MDES represents a measure to protect cardholders. Digital
tokenization mitigates risks and offers several advantages, including aiding
compliance with PCI DSS standards, boosting approval rates, and facilitating
quicker, more efficient transactions.
It’s worth noting that while digital tokenization shares
similarities with encryption, it differs significantly. Notably, sensitive data
never leaves the original organization it was shared with, thereby enhancing data security
and privacy.
PXP Financial, a provider of global acquiring, payment,
fraud, and data analysis services, has recently announced its accreditation as
a Token Service Provider by Mastercard.
This accreditation is facilitated through the Mastercard
Digital Enablement Service (MDES). The MDES platform serves as a solution
enabling the digitization of supported Mastercard card types for various
digital payment methods. Through this service, PXP Financial gains access to a
Secure Card on File tokenization program, promising enhanced user experiences
and improved approval rates for merchants utilizing Mastercard tokens.
Kamran Hedjri, CEO & Founder of PXP Financial, Source: LinkedIn
Kamran Hedjri, the CEO & Founder of PXP Financial, said:
“We know merchants are under pressure to combat the rise in fraud while
providing smooth and convenient payment experiences that help to drive sales
and foster customer loyalty. At PXP Financial, we take our responsibility to
merchants navigating this landscape incredibly seriously, keeping our client
base across the world at the cutting-edge of payments innovation while
maintaining a laser focus on security.”
By leveraging Mastercard’s Secure Card on File technology,
PXP Financial aims to bolster security measures for its clientele engaging in
online and in-app transactions. This technology converts sensitive customer
information into non-sensitive digital tokens, safeguarding against identity
theft and other cyber threats.
Advantages of Digital Tokenization
The digital tokens serve as secure alternatives to
conventional payment card details, effectively shielding customers’ primary
account numbers in a token vault during transactions. Moreover, device-specific
tokens add an additional layer of security to the process.
.@FinancialPxp Leverages @Mastercard Tech to Fight Fraud.
Read more: https://t.co/gAN23WZLkh#security #fintech #finance #FinancialIT
— Financial IT (@financialit_net) April 9, 2024
Given the alarming frequency of identity theft cases,
estimated at one new case every 22 seconds, and anticipated to worsen, the
adoption of MDES represents a measure to protect cardholders. Digital
tokenization mitigates risks and offers several advantages, including aiding
compliance with PCI DSS standards, boosting approval rates, and facilitating
quicker, more efficient transactions.
It’s worth noting that while digital tokenization shares
similarities with encryption, it differs significantly. Notably, sensitive data
never leaves the original organization it was shared with, thereby enhancing data security
and privacy.
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- Source: https://www.financemagnates.com//fintech/mastercard-partners-with-pxp-financial-for-secure-card-transactions/
