USA based company PayMate (A Kleiner Perkins/Sherpalo Portfolio Company) has one of the first companies in the mobile payment processing space to achieve PCI DSS 1.1 compliance.
As with any electronic payment service (of which mobile is another channel) the PCI DSS standard represents the best practices defined by VISA, Amex, MasterCard covering requirements for Security Management, policies, procedures, network architecture, software design and other critical protective measure.
The PayMate service enables consumers to shop with their mobile phones in a convenient and safe manner, either across the counter, online, remotely, over telephone (automated IVR). Said Probir Roy, Co Founder, PayMate, "This has been one of the fastest PCI DSS certifications in the world for a mobile payments service, and one of few in India. With the mobile universe at 210 million and growing monthly at 8 million, the use of mobiles as a safe and secure electronic payment mechanism will have benefits to today's consumers who have been hitherto limited with internet e-commerce penetration. This should prove a huge fillip to e-commerce in general, with mobile as the new e-medium."
"Achieving Level 1 PCI compliance means that PayMate has met the stringent compliance requirements of the five major credit card companies," said Erik Winkler, Vice President Professional Services at Control Case. "This certification attests to the integrity and security of PayMate's data and provides independent verification that PayMate information-handling processes have undergone in-depth audits."
Says Mahesh Sharma, Head IT & Process owner for this activity: "Achievement of PCI DSS 1.1 proves that we have used the right technology at right place. We have followed all the best practices and guidelines to properly protect the sensitive cardholder data and minimize risk of any kind of financial losses."