Finance Breaking news Australia's Ezypay adopts Mastercard tokenisation last financial news
Breaking-Finance.Com - Ezypay, Australia’s first subscription payments provider, has announced the adoption of Mastercard’s tokenised payment security technology, Mastercard Digital Enablement Service for Merchants (MDES), to offer their business customers enhanced payment security and stronger collection processes.
Breaking-Finance.Com - Ezypay’s Chief Executive Officer, James Foster, has stated that: “This technology solves a large problem that subscription businesses face when managing the customer lifecycle. All physical credit and debit cards can expire, be misplaced or stolen. By implementing Mastercard’s tokenised payment security technology in Australia, we can reduce the impact that these occurrences have on our business customers and continue to collect their customer payments seamlessly.”MDES for Merchants replaces a customer’s physical card information, including the card number and expiry date, with an encrypted digital token that is unique and specific to each merchant. The token can be updated by the card issuer, allowing lost, expired or replaced cards to be automatically updated with the merchant - greatly improving payment data security and increasing the likelihood of a successful transaction.“As consumers increasingly turn to subscription-based products, such as streaming services and food delivery, it is more important than ever that merchants begin to explore ways to enhance the customer experience, removing any unnecessary friction from the checkout process,” said Surin Fernando, Vice President of Business Development and Digital Product, Australasia, Mastercard. “Organisations previously faced the risks associated with storing personal card details, or experienced declined transactions due to expired payment details. MDES for Merchants removed these from the equation, allowing retailers to create a seamless checkout experience that leads to more sales, more repeat purchases, and higher customer satisfaction.”The subscription economy relies heavily on an extended customer lifecycle where cash flow is consistent, and payments are collected automatically without hassle.
.“The use of network tokens enables subscription businesses to achieve successful payment collection outcomes more consistently, thereby reducing the need to manually chase up missed payments. This provides a much better experience for their customers also, who are less likely to deal with the inconvenience of a failed payment,” Foster noted.Investment in advanced payment technologies has been a focus for Ezypay as they continue to explore new ways to improve the merchant and customer experience.“24 years ago, Ezypay was the first outsourced direct debit provider in Australia. Every day we continue to build on our history of innovation to ensure that our technology is at the forefront of the payments industry and that we are delivering great outcomes for our business customers. Ezypay’s continuous improvements on collection results highlight the work that’s being done behind the scenes to implement these new technologies,” said Foster. As partnerships across a wide range of sectors, including Health and Fitness, Childcare, Education and Real Estate, continue to play an integral role in the strategic direction of Ezypay, the adoption of network tokenisation ensures that Ezypay’s partners are can offer the newest technology to their client base.“We’re excited to be working with Mastercard on this implementation. Our partners and business customers rely on us to offer an advanced subscription payments solution and we are committed to delivering on that,” stated Foster.
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