Fonepay achieves PCI DSS Level 1 status

Kathmandu, Jun 2

Fonepay Payment Service Limited has achieved PCI DSS Level 1 accredited service provider status, which is given to the merchants who handle over 6 million card transactions a year.

The Digital Service Operator licensed by the Nepal Rastra Bank has got the certification for its entire platform, according to the company.

The certification implies that all operations carried out under Fonepay’s scope are secure and underline the company’s commitment to secure customer data integrity by providing secure payment options.

Payment Card Industry Data Security Standards (PCI DSS) is a set of stringent standards mandated by the Payment Card Industry Security Standards Council (PCI SSC). The standards are to be followed by entities that store, process, and/or transmit cardholder data and prevent frauds on payment cards.

According to FonePay, for technology vendors, attaining PCI DSS Level 1 certification involves a detailed audit to ensure documentation of technology, network, and internal processes according to the PCI standards.

Diwas Sapkota, Fonepay’s CTO, mentioned, “Fonepay is the first Non-Card based PSO in Nepal to achieve this level of certification. This enables Fonepay clients to achieve PCI DSS compliance using the Self-Assessment Questionnaire (SAQ) process without investing heavily in their infrastructure."

He said that using a Level 1 certified platform significantly reduces the risk of a data breaches and shifts the liability for investigating any suspected breaches from the contact center organization, removing the risk of financial and reputational damage for clients.

Fonepay network has 52 Banks and Financial Institutions (BFIs) and 1.4 Lakhs merchants in its network to provide its service to more than 11 million mobile banking subscribers across the country.

Published in The Rising Nepal daily on 3 June 2020.