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.
Implementing Mastercard Tokenization for Transaction Security
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.
— 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.
Implementing Mastercard Tokenization for Transaction Security
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.
— 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.
