PCI SSC organizes Forum on payment data security

The PCI Security Standards Council (PCI SSC) hosted the first ever India Forum on payment data security in Delhi on 13 March, drawing more than 400 registered attendees representing leading players in the Indian payment card industry. The event took place against the backdrop of growing momentum towards cashless payments in India.

“As there has been a steady increase in the number of cashless transactions in India, chances of cyberattacks have also increased. The 2019 India Forum is the latest of several initiatives by the PCI SSC to increase awareness and adoption of PCI Security Standards in the country,” said PCI SSC Associate Director in India, Nitin Bhatnagar. “For all of us working in the digital payments network, the real challenge is to create a robust ecosystem that consumers can trust. While we need innovations to continue our march towards a cashless economy, we cannot afford to fall back on security. As the volume of transactions continues to grow in India, payment data security must be a top priority.”

Abhishant Pant, Founder of the FinTech Meetup, delivered the industry keynote, detailing his “cashless journey”, a recording of challenges in digital payments adoption. The event also featured a roster of expert speakers from Indian businesses, industry groups and government. Key topics of discussion included the future of digital payments and the role of data security, standards and innovation, as the Indian fintech landscape continues to expand and the global payment security market size moves towards reaching USD 43.76 billion by 2025.

PCI SSC speakers provided key PCI Standards updates, including recently published PCI Standards for software vendors to drive development of secure software solutions for the next generation of payments; development of a new standard for contactless payments on a merchant’s commercial off-the-shelf (COTS) phone or tablet; and plans for the next revision of the PCI Data Security Standard (PCI DSS).

While speaking at the forum, Lance J. Johnson, the PCI SSC’s Executive Director said, “We recognize that there are significant advancements and growth happening in payments in India. As we work to develop global data security standards that support the future of payments, we need India to be a part of this effort.”