PXP Financial taps Mastercard to tackle payment fraud

By Gloria Methri

PXP Financial, the expert in global acquiring, payment, fraud, and data analysis services, has received accreditation to become a Token Service Provider by Mastercard.

The new accreditation was made possible by the Mastercard Digital Enablement Service (MDES). The MDES provides PXP Financial with a Secure Card on File tokenization program, 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.”

“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 in building the trust that is so vital today. We are delighted to announce our accreditation.”

Experts estimate that a new case of identity theft occurs every 22 seconds, and they anticipate this ratio will worsen this year. The MDES helps to protect cardholders from becoming victims by converting 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 a layer of security.

Digital tokenization offers various benefits, including reducing risk, remaining compliant with PCI DSS, increasing approval rates, and enabling faster, more efficient transactions. While it is similar to encryption, digital tokenization differs greatly; for example, with digital tokenization, sensitive data never leaves the original organisation with which it was shared.