13 December 2016: Irdeto, the world leader in digital platform security, today announced that PayU, the leading online payments service provider, has implemented Irdeto Cloakware for Payments & Banking solutions to prevent theft and fraudulent transactions for its customers. The secure service is now live in one of PayU’s key regions. By implementing Irdeto’s unique security technology, PayU is raising the bar on security to protect all payment transactions for merchants and consumers.
Cyber threats targeting payment systems are becoming more frequent and more sophisticated as e-commerce grows and more methods of payments are introduced. While traditional security approaches only protect the credit card data, Irdeto is supporting PayU with the only solution on the market using whitebox cryptography to secure all transaction information, including financial data, the user’s personal information and credit card details.
This enables PayU merchants and consumers to enjoy a safe digital shopping experience, no matter what security threats lie ahead. In addition to a more secure and robust ecosystem, PayU will reduce the scope and cost associated with PCI compliance for its merchant customers who opt for a hosted payment page.
“Cybercriminals now employ many different and complex tactics to steal customer and merchant data - and it’s changing every day,” said Guy Duncan, Global CTO, PayU. “These constantly evolving strategies and attacks make traditional approaches to security ineffective. Today’s threat landscape requires a new approach that protects the entire digital shopping experience. Irdeto has been in the security and anti-hacking business for nearly 50 years and were the right long-term partner for us.
By integrating Irdeto Cloakware solutions, we are taking an innovative approach to ensure that our customer’s personal and financial information remains protected, and we are reducing PCI compliance burdens for our merchants.
Supported by Irdeto’s cutting-edge security solution, PayU will be able to expand their merchant base rapidly in key markets while introducing a trusted solution to support new services and secure transactions. In addition, through tokenization and support for one-click payments, the seamless and secure user experience provided by Irdeto and PayU will help increase conversion rates for merchant customers.
“E-commerce ecosystems are becoming an easy target for hackers who exploit gaps left in security defenses,” said Doug Lowther, CEO, Irdeto. “Irdeto’s mission is to help payment service providers and banks close those gaps by safeguarding and monitoring digital transactions and securing APIs for both web and mobile applications.
Our solutions provide a critical layer of security for today’s anytime and anywhere e-commerce and payment environments so organizations like PayU can provide a convenient and safe digital shopping/banking experience for consumers.”
PayU is a leading financial services provider in global growth markets. We deliver innovative technology that enables billions of people and millions of merchants to buy and sell online.
Our local operations span 17 markets across Asia, Central and Eastern Europe, Latin America, the Middle East and Africa.
As a leading online payment service provider, we deploy more than 300 payment methods and PCI certified platforms to process approximately 1.2 million payments every single day. We also specialise in innovative consumer and small business products that improve access to credit and banking services in markets that are underserved by traditional financial services providers.
With a heritage in payments, PayU has a strong track record creating fast, simple and efficient financial services technology that meet the unique needs of the merchants and consumers in our local markets.
We believe in collaboration and partnerships. That’s why we have become one of the leading fintech investors globally, combining the expertise of high growth companies with our own unique local knowledge and technology to ensure that our customers have access to the best financial services.
PayU is the fintech and e-payments division of Naspers, a global internet and entertainment group and one of the largest technology investors in the world. Operating in more than 120 countries and markets with long-term growth potential, Naspers builds leading companies that empower people and enrich communities. Naspers is listed on the Johannesburg Stock Exchange (NPN.SJ) and has an ADR listing on the London Stock Exchange (LSE: NPSN).