Kathmandu. Nepal’s leading payment system operator (PSO) PhonePe has announced that it has received v4.0.1 Level 1 Certification of the world-renowned payment security standard Payment Card Industry Data Security Standard (PCI DSS).
This proud certification reflects PhonePe’s firm commitment to ensuring the highest level of security in all transactions through its network. This has further strengthened the trust of users, partner banks and financial institutions and regulatory bodies.
PCI DSS Level 1 payment card is an international recognition of the highest level of data security, which requires serious technical infrastructure, policies, and monitoring systems to comply. PhonePe’s receipt of this certificate reflects its investment and commitment to keep cardholders’ data secure and strengthen the security infrastructure.
“Security is not a one-off goal, it’s a continuous effort,” said Parash Kunwar, Chief Operating Officer (COO) of PhonePe, adding, “Getting the PCI DSS Level 1 certification is a recognition of our joint efforts to build a strong payments ecosystem, while prioritizing data security. This certification will help further strengthen the reliability of data security for our partner banks and financial institutions, eWalettes, and all customers on the PhonePe payment network. ‘
PhonePe Introduction
PhonePe is a Payment System Operator approved and licensed by the Nepal Rastra Bank (NRB). This payment network currently offers inter-bank peer-to-peer payments, qr-to-trader (P2M) receiving plans, and home card plans targeted at its participating banks and financial institutions and payment system providers.
About PCI DSS
The Payment Card Industry Data Security Standard (PCI DSS) is a global protective standard for the handling, processing and operation of card-based payments. PCI DSS was launched in 2006 in collaboration with major payment companies/institutions.
Adhering to PCI DSS means not only meeting the security criteria, but also taking corrective actions consistently, recognizing the risks involved in the handling of a user’s card data, keeping records of them.
