Chase Paymentech Launches New Encryption Method
Oct. 11, 2013
Chase Paymentech has launched a new encryption technology for online merchants it said begins protecting payment data the moment a consumer enters the information into a Web browser. The payment is encrypted from then until it reaches Chase Paymentech for processing. After authorization, the payment data is then tokenized and returned to the merchant. Chase said it is the first acquirer to employ such technology.
“We expect online merchants to reduce the risk and cost burdens of complying with the industry’s security standards without having to give up control of the customer shopping experience,” said Dan Charron, president of Chase Paymentech. “With Safetech Page Encryption,customers’ payment data is secure and merchants can continue to support consumer engagement during the checkout process.”
Dallas-based Chase Paymentech said SafeTech Page Encryption paired with its existing tokenization process will keep transactions safer for consumers and reduce PCI scope for merchants.