PayU taking an innovative and proactive approach to security by integrating Irdeto Cloakware solutions to improve consumer trust, reduce PCI related costs and prevent theft and fraud

AMSTERDAM - 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.”

Cloakware for Payments & Banking is a comprehensive solution suite that combines whitebox cryptography, server-side diversification and integrity verification to protect JavaScript, payment forms and APIs. By deploying state-of-the-art security solutions, organizations like PayU strengthen consumer trust that is required to complete a purchase, substantially reducing current 30% to 60% fall-out ratios. 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.”

About PayU

PayU uses its payments heritage and expertise to deliver financial services in emerging markets. Our local operations in Asia, Central and Eastern Europe, Latin America, the Middle East and Africa enable us to be experts in these countries and provide the best solutions for the local market.

PayU is the leading online payment service provider in 16 high growth markets, dedicated to creating a fast, simple and efficient payment process for merchants and buyers. Our 250+ payment methods and PCI certified platforms are designed to meet every consumer’s needs.

The markets in which PayU operates represent a potential consumer base of nearly 2.3 billion people and a huge growth potential for merchants. PayU has more than 1,800 payment specialists based in these local markets supporting PayU’s 200,000+ merchants and the millions of consumers making online payments.