Through these efforts, the company aimed to align with the latest PCI-DSS requirements released in March 2022. In essence, this certification improves Pyypl's ability to expand into new markets by ensuring compliance across its regulated entities more efficiently and facilitating the acquisition of new licences in various countries.
The certification underscores Pyypl's dedication to handling sensitive payment information in accordance with international security standards, supporting customer trust. According to the official press release, operational improvements include a 40% increase in incident resolution speed, attributed to enhanced processes and advanced security systems.
Considering these new developments, officials from Pyypl highlighted the company's efforts to implement PCI-DSS V4.0 standards in the MEA region, emphasising the company's unique compliance framework developed without reliance on existing infrastructures.
The official press release cites studies such as the 2023 Verizon Data Breach Investigations Report and surveys such as Gemalto's, which demonstrate the reduced incidence of data breaches and increased customer trust associated with PCI-DSS compliance. Additionally, the same source points to reports from the Ponemon Institute, which highlight the financial risks mitigated by compliance compared to non-compliance.
Pyypl operates as a fintech company in the MEA region, leveraging proprietary technology to offer financial services across multiple markets in Africa and the GCC. The company aims to serve 850 million financially underserved smartphone users with a range of services including prepaid cards, user-to-user transfers, and remittances.
In June 2024, Pyypl announced a partnership with Visa and a Principal Licence Membership. The licence allowed Pyypl to directly and securely issue prepaid Visa cards from its UAE headquarters. Moreover, the company leveraged a strategic framework agreement that aimed to accelerate its international expansion across the GCC and Africa.
Both financial institutions continued to focus on meeting the needs, preferences, and demands of customers and users while prioritising the process of remaining compliant with the regulatory requirements and laws of the local industries.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now