April 09, 2024 - PXP Financial, the expert in global acquiring, payment, fraud, and data analysis services, today announced it has received accreditation to become a Token Service Provider by global technology company Mastercard.
The new accreditation has been made possible by the Mastercard Digital Enablement Service (MDES), a single integrated platform which enables the digitization of supported Mastercard card types for a wide range of digital payment methods. The MDES provides PXP Financial with a Secure Card on File tokenization program and a better user experience and higher approval rates for merchants leveraging Mastercard tokens.
Leveraging Mastercard’s Secure Card on File technology means PXP Financial can provide an additional layer of security for its customers accepting online and in-app purchases.
Kamran Hedjri, CEO & Founder of PXP Financial, said: “Ensuring cardholders can enjoy peace of mind is paramount in today’s global marketplace. 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. Our move towards the use of scheme tokens is representative of this commitment.
“Mastercard offers a highly secure, globally scalable solution, with significant speed to market, along with an industry-leading reputation for excellence in payments that will support our merchants to build the trust that is so vital today. We are delighted to announce our accreditation.”
With experts estimating that there is a new case of identity theft every 22 seconds, and anticipating this ratio to worsen this year, the MDES helps to protect cardholders from becoming victims as it converts their most sensitive information into non-sensitive digital tokens. These digital tokens are used for secure e-commerce and in-app transactions, rather than using the customer’s primary account number (PAN) which remains in a token vault. Digital tokens then safely travel through the e-commerce website or app, without exposing any payment card details. Device-specific tokens add an additional layer of security.
As well as reducing risk, digital tokenization offers a variety of benefits including assisting in remaining compliant with PCI DSS, increased approval rates, and enabling faster, more efficient transactions. While it bears similarities to encryption, digital tokenization differs greatly; for example, with digital tokenization, the sensitive data never leaves the original organisation it was shared with.
For more information, visit: www.pxpfinancial.com
