PayNet is extending MyDebit into mobile wallets with support from IDEMIA Secure Transactions’ tokenisation platform.
The rollout gives participating banks a way to offer tokenised MyDebit card payments through digital wallets.
Eleven banks are offering the capability to their cardholders.
AmBank customers are the first to add their MyDebit cards to a major mobile wallet for contactless and in-app payments, with other banks expected to follow.
The IDEMIA Secure Transactions platform replaces sensitive card details with a unique digital token, allowing transactions to be processed without exposing actual card information.
It supports mobile NFC, in-app and online payments.
PayNet’s MyDebit mobile payments will also use AES 256 encryption to strengthen transaction security.
The technology is designed to protect card data against emerging threats, including those posed by quantum computing.
Isaac Lee, Digital Payments VP for Asia Pacific at IDEMIA Secure Transactions, said,
“This project strengthens our mission to enable secure and seamless digital payments worldwide and underscores IST’s leadership in tokenization and global wallet enablement.
The deployment of AES 256 security in a domestic payment scheme environment is a significant innovation that strengthens MyDebit’s digital offering and provides a robust, future-proof solution for digital payments in Malaysia.”
Featured image: Edited by Fintech News Malaysia, based on image by EmilyStock and AI-generated image via Magnific
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