If the surety of life is death and taxes, then as a consumer of goods and services, one surely cannot escape from paying bills. Today, thanks to the Internet age, gone are the days where we run the monthly mill of popping into physical utilities outlets to pay bills by cash. With tremendous evolution and advancement in digital payments, consumers today get to enjoy a convenient and seamless payment process for recurring bills.
While many of us today enjoy auto-billing services offered by almost all vendors across diverse industries, there is much more that goes on behind the scenes throughout the payment ecosystem and authentication technology to ensure payment details and frequency are not compromised in any way. From consumers to merchants to banks, the system needs to comply to the highest standards of security.
On a user level, customers dealing with recurring payments to their goods and services provider (‘merchants’) found it cumbersome in having to enter their payment card details every time they transact online. Merchants and acquirers needed a system and technology that can securely store the sensitive payment details of their returning customers as a service value-add to ease consumer’s transaction.
From the perspective of security and compliance, industry regulators implemented the requirement that only certified entities are allowed to store payment card details of cardholders. The PCI-Compliance dictates that any entity storing the 16-digit card details need to adhere to the highest standard of PCI-DSS Level 1 compliance.
Through Tokenization technology, Infinitium can convert card details into Card-On-File tokens to be stored by merchants, thereby allowing merchants to support both “one-off payments” and “recurring payments” for their returning customers. Infinitium’s Tokenization services can provide the highest level of security to protect and secure the payment data.
Infinitium’s Payment with Tokenization offering currently caters to merchants from various sectors, including Telco, Insurance, Power Utility, Airlines and Wallet Operators. Within Malaysia, Infinitium’s service touches large merchants involved in recurring utilities, namely TNB, Telekom Malaysia, AIG Insurance and Sunlife Insurance. The Indonesian market is also impacted, particularly the e-wallet operator industry, where big market players such as Ovo utilises Infinitium’s Payment with Tokenization service.
We understand it takes a lot to establish & earn the trust of our clients, hence we are always giving our best to build our trustworthiness. We build trust within our workplace by promoting the practices of active listening, having an open mind & taking the right action.