Numerous data breaches have taken place in Pakistan in recent years, card skimming and fraudulent transactions are not uncommon occurrences especially in the payment sector. In response to the ever growing need of cyber security, PayFast; a robust payment gateway service, has recently received the coveted PCI DSS (Payment Card Industry Data Security Standard) Certification, a benchmark symbol of excellence essential for any entity in the digital payments arena which portrays their commitment to security and transparency in transactions.
PCI DSS is a set of security protocols designed to ensure that financial institutions are adhering to internationally recognized standards that result in the immaculate levels of security. Through this certification, PayFast reasserts its aim to provide secure digital payments in Pakistan, and its commitment towards preventing breaches and theft of cardholders’ data.
The mission of PayFast is to create a digital payment platform which will offer acceptance of multiple instruments i.e. bank account numbers, mobile wallets and UnionPay MasterCard, & Visa cards. PayFast has also partnered with UnionPay International to introduce the mobile payment’s revolution that was previously witnessed in China. They have implemented robust APIs for quick integrations, digital merchant onboarding, and have developed a fraud monitoring solution for detection & prevention of fraudulent transactions. They are currently steering towards acquiring State Bank’s license to become the Payment System Operator/Provider (PSO/PSP).
Risk Associates is firmly embedded within the information security terrain and globally by strategically located offices. Having accumulated a wealth of experience over the years, they provide Governance, Risk, Compliance and Threat Management services and consultation. Their objective is to assist organizations to achieve business objectives by supporting them in implementing cost effective solutions. Their services and solutions are at the forefront of the information security space.
Mr. Adnan Ali, CEO, PayFast, said in a statement, “Security is one of the biggest risk factors for a company operating in the Fintech industry and we are committed to taking precautionary measures in order to prevent any sort of breaches from occurring under PayFast. This certification is an assurance to customers of our operations taking place, that we provide payment services which are internationally recognized as safe & impenetrable.”