The use of automated payment applications has increased over time, and accredited reasons can vary depending upon the factors affecting the life of people. The increase in the number of payment service operators in India is accompanied by almost equal increase in fraud. The necessity to counter these fraudulent activities has given rise to data security, operational resilience, and third-party management concerns. This is where payment compliance comes into the picture. Payment compliance is a protocol that firms involved in financial services stick to while developing new payment portals. To ensure that every transaction is safe and there is no data leakage, PCI SSC has introduced PCI DSS. Read further to understand PCI DSS Compliance and its benefits in Payment Solutions.

PCI DSS, or Payment Card Industry Data Security Standards is a global forum that brings industry stakeholders together to develop and drive adoption of data security and resources for safe payment worldwide. It is a standard set of security guidelines created by major card brands to ensure that merchants who accept credit card payments maintain a secure environment to protect cardholder’s data.

The PCI DSS standard outlines requirements for security management, policies, procedures, network architecture, software design, and other critical protective measures. All merchants who accept credit cards as payment, must comply with the PCI DSS standard. Importance of regulatory compliance must not be underestimated when it comes to preventing data breaches and reduce the risk of fraud and other security incidents for merchant and the consumer.

First version of PCI-DSS was created in the year 2004 at the time when, major brands joined forces to design a unified digestible Standard set of policies. A PCI-Security Standards Council was also formed in 2006 to enhance global payment account data security by developing standards and supporting services. Since then, the versions were updated regularly, emphasising the importance of data scoping and log management and data security. PCI DSS version 4.0 is the latest that aims to address developing threats and technologies, facilitating more effective ways to combat new threats to cardholder information and boost payment flexibility.

The PCI DSS security standards are organised into six categories that are referred to as “control objectives”.

Under these objectives, PCI DSS has outlined 12 requirements for handling cardholders’ data and maintaining a well-protected network. These requirements are set forth for technical and operational executions, and the focus lies in protecting data throughout. The standards are not limited to just merchants and ISVs but it is applicable to anyone that stores, processes, transmits, or manipulates cardholder data.

The core function of PCI DSS is to build a secure network that is impassable for the swindlers, who are over the time are getting equally tech savvy. With the help of special requirements, the Fintech brand needs to adhere before storing card data. Based on the level of compliance required, it is must to secure the network and system that is intolerant to vulnerabilities. Many Merchants reduce their PCI scope by working with a PCI certified payment provider and can securely store customer card data. This spares merchants of all the struggle a firm goes through in securing sensitive user information.

Pay10 is a leading payment service platform that thrives to empower businesses with technologically backed digital payment solution in India and across boundaries. The platform is PCI DSS Level 1 compliant, certified by top-tier industry standards of compliances. Pay10 payment solutions is a multifaceted platform catering to a wide range of verticals. For more information connect with us.