PCI DSS – Its Relevance To Card Schemes And Fintechs

Introduction

With the advancements made in payment systems space over the last few years, the purchase of goods and services is frequently done with the use of payment cards. Thus, whether you are swiping, inserting or placing your card on a scanner, payment cards have transformed the way we transact business. Vendors or merchants who accept payment cards usually enter into contracts with payment processors and banks for the processing of payments through their channels. One of the key conditions in these contracts is that the vendor/merchant must be compliant with the Payment Card Industry Data Security Standards ("PCI DSS").

The question that logically follows is what is the PCI DSS? In this article we explain what the PCI DSS is, the requirements that must be met to comply with the standards and the consequences of breaching the PCI DSS.