KUALA LUMPUR (Nov 16): Payment solutions provider Revenue Group Bhd's subsidiary Revenue Secure Sdn Bhd has secured a contract to develop and implement the MyDebit tokenisation platform (TSP) for Payments Network Malaysia Sdn Bhd (PayNet), the national payments network and central infrastructure for Malaysia's financial markets.

In a statement today, Revenue managing director and group chief executive officer Datuk Eddie Ng Chee Siong said the platform will be integrated with and used by more than 30 banks throughout Malaysia upon completion.

"This indeed is another major milestone for us as we are building a crucial component in payment ecosystem for PayNet to be used in Malaysia, whereby all MyDebit cardholders (ie ATM card) can use it securely for online payments," he said.

To date, there are approximately 45 million MyDebit cards in market circulation in Malaysia.

According to Revenue, 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," said the group.

In addition, the group said tokenisation also allows cardholders to store their favourite debit cards in the merchant's mobile app or website, which eliminates the need to enter card information repeatedly for future transactions.

"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," added Revenue.

At 12.27pm, Revenue was up three sen or 2.52% to RM1.22, valuing the group at RM477.72 million.