eGHL – Fintech arm of GHL SYSTEMS BERHAD, in partnership with Mastercard, will roll out Mastercard Digital Enablement Service (MDES) For Merchants or M4M, a tokenized e-payments solution that offers simpler, more secure and seamless digital payment experiences for consumers, for online and in-app transactions. eGHL will be the first Payment Service Provider in Southeast Asia to enable MDES For Merchants in Malaysia starting January 2020.
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 the 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 another individual or merchant will be used to validate and authorize the transaction. Additionally, a one-time cryptogram is sent for every transaction, ensuring tokens cannot be duplicated and used fraudulently.
As a result, consumers will enjoy enhanced payment security, 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 choice and convenience and minimize cart abandonment through token transaction continuity supported within Mastercard’s unsurpassed global network.
Danny Leong, Group Chief Executive Officer, GHL Systems Berhad, said: “Growth in mobile commerce and continued consumer demand for secured payment offerings has fueled interest in tokenization solutions in the banking and e-commerce ecosystem. Being the first Payment Service Provider to enable M4M in Southeast 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 utilize the technology once it comes online.”
Perry Ong, Country Manager, Malaysia and Brunei, Mastercard 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 Southeast Asia. The Mastercard 2019 Safety and Security Index shows that this upward trend applies in Malaysia where consumer confidence has grown 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 experiences but to also expand the usage of digital payments in Malaysia’s growing e-commerce space.”