The tokenised e-payment solution offers simpler, more secure and seamless digital payment experience for consumers, and online and in-app transactions
by TMR/ pic credit: e-ghl.com
THE financial technology arm of GHL Systems Bhd, GHL ePayments Sdn Bhd (eGHL), in partnership with Mastercard will roll out Mastercard Digital Enablement Service (MDES) for Merchants — or M4M — a tokenised e-payment solution that offers simpler, more secure and seamless digital payment experience for consumers and online and in-app transactions.
eGHL will be the first payment service provider (PSP) in South-East Asia to enable MDES for Merchants in Malaysia starting this month.
The integration of the technology is timely as consumers are increasingly storing card details online or in-app to make purchases with related merchants.
M4M replaces and protects a user’s card information and sensitive account numbers with a digital token that is unique to only the consumer and the merchant. Upon making a purchase, the token — which cannot be used by any other individual or merchant — will be used to validate and authorise the transaction. Additionally, a onetime cryptogram is sent for every transaction, ensuring tokens cannot be duplicated or used fraudulently.
As a result, consumers will enjoy enhanced payment security, and swiftness and seamlessness on all connected devices including their smartphones. By leveraging M4M, eGHL will empower merchants to lead the charge in elevating customer experience through providing more choices and convenience, and minimise cart abandonment through token transaction continuity supported within Mastercard’s unsurpassed global network.
GHL Systems group CEO Danny Leong said: “Growth in mobile commerce and continued consumer demand for secured payment offerings have fuelled interest in tokenisation solutions in the banking and e-commerce ecosystem.
“Being the first PSP to enable M4M in South-East Asia, eGHL is excited to be part of an important milestone collaboration that addresses opportunities that come with Malaysia’s high mobile phone penetration rate, providing both merchants and consumers a solution that helps solve safety concerns, while enhancing the overall payment experience. Over 2,000 merchants across eGHL’s network will be on board to utilise the technology once it comes online.”
Mastercard Malaysia and Brunei country manager Perry Ong said: “Mastercard understands that consumers need assurance that advanced security measures are in place when they make digital payments. Consumers’ trust in online payments is increasing as digital payments become more commonplace in South-East Asia.
“The Mastercard 2019 Safety and Security Index showed that this upward trend applies in Malaysia, where consumer confidence grew from 23% in 2015 to 35% in 2019. Mastercard is committed to working alongside industry partners to elevate payment safety and security through enhancing technology and developing new offerings. The rollout of M4M, which will be supported by eGHL’s vast merchant network, reinforces a shared effort to not only elevate consumers’ overall payment experience, but to also expand the usage of digital payments in Malaysia’s growing e-commerce space.”