PayU, an online payments service provider, has implemented Irdeto's Irdeto Cloakware for Payments & Banking solutions to prevent theft and fraudulent transactions for merchants and consumers.
The technology vendor claims that the deployment will enable PayU to bolster consumer trust that is required to complete a purchase, substantially reducing current 30% to 60% fall-out ratios.
“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,” Irdeto said in a statement.
The secure service is now live in one of PayU’s key regions.
PayU global CTO Guy Duncan said: “Cybercriminals now employ many different and complex tactics to steal customer and merchant data – and it’s changing every day.
“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.”