Pyypl Pioneers Regulatory Standards in MEA with New PCI-DSS v4.0 Certification

  • Payments
  • 08.07.2024 09:30 am

Pyypl (pronounced “People”) – a pioneering fintech company in the Middle East and Africa (MEA) is proud to announce its achievement of the latest PCI-DSS V4.0 Certification.

The Certification is a significant milestone – underscoring Pyypl’s commitment to security and operational excellence – and relates to the latest PCI-DSS standard, released in March 2022. The achievement positions Pyypl as a pioneer in implementing updated standards within the MEA region.

Pyypl is now extremely agile in being able to rapidly expand into new markets. The certification significantly enhances the Company’s operational capabilities by ensuring compliance across all regulated entities more efficiently and streamlining the process of obtaining new licences in various countries.

From a customer perspective, trust – in Pyypl – is strengthened further. The Certification is a powerful testament to Pyypl's security commitment and reassures customers that sensitive payment information is handled in line with the highest international standards.

The operational impact has been immediate for Pyypl. Incident resolution has become 40% faster – directly attributable to the streamlined processes and advanced security systems now in place.

Antti Arponen, CEO and co-founder of Pyypl, said:

"We developed our compliance framework from scratch, tailored specifically for V4.0 without relying on any pre-existing PCI-DSS infrastructure or processes. This makes Pyypl a pioneer in implementing the updated PCI-DSS V4.0 standards in the MEA region, establishing a new benchmark in compliance and security."

According to the 2023 Verizon Data Breach Investigations Report (DBIR), organisations compliant with PCI-DSS experience up to 50% less data breaches than non-compliant entities – proving the protective power of adherence to the stringent security standards.

A Gemalto survey showed over 76% of customers place greater trust in businesses who maintain strong payment security standards, showing the reputational value of PCI-DSS compliance.

Data from the Ponemon Institute's ‘Cost of a Data Breach’ Report (2023) noted the average cost of a data breach for non-compliant organisations can reach over $3.86 million. Conversely, achieving and maintaining PCI-DSS compliance can help mitigate significant financial risk and potential regulatory penalties.

A study by Trustwave further highlighted the value of compliance on brand perception. Nearly 65% of businesses report their PCI-DSS efforts have directly improved reputation and boosted customer confidence – a clear competitive differentiator in today's security-conscious marketplace.

Pyypl is one of MEA’s fastest growing fintechs, with an industry-leading management team with unrivalled experience in the region. Powered by 100% proprietary technology, unlocking breakthrough consumer capabilities and sustainable growth, Pyypl is now operational in multiple markets across Africa and the GCC. 

Pyypl is succeeding in its mission to be the leading one-stop fintech ecosystem for consumers, seamlessly and across borders. Pyypl’s purpose-driven approach aims to offer transformational financial services to 850 million financially underserved smartphone users across Africa and the Middle East in a single app – via internationally accepted virtual and physical prepaid cards, instant domestic and international user-to-user transfers, and remittances to 80 countries. 

 

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