Billions of cashless transactions are carried out across the world on a daily basis. It is important to keep these transactions safe and secure; hence each transaction must be PCI compliant. Payment Card Industry (PCI) compliance is important for all stakeholders in the e-commerce industry. All websites that accept credit and debit cards have a duty to protect information entered by users while making payment. In 2015, a data breech affected a company called CVS, a photo ordering and processing company. Credit card information of users were obtained by a third-party company hosting CVSphoto.com Though the company refused to disclose the number of affected users, vital information of its customers was exposed. When a data breach like this occurs, many of the stolen customer data are used for fraudulent activities if the breech is not quickly detected.
Due to the rise in credit card theft and fraud, MasterCard, Visa, and other card issuers partnered to develop a comprehensive blueprint to ensure increased security for credit card providers, banks and other financial institutions. The blueprint metamorphosed to the PCI Compliance Security Standards. The PCI Compliance is now a standard for quality in the e-commerce sector and failure to comply attracts huge penalties in the form of fines and sanctions, this is one key reason while e-commerce sites must be PCI-compliant. PCI compliance builds trust in the company and reduces risks associated with credit card transactions, it tells your customers that measures are taken to ensure data integrity and protection.
When a website or brand is PCI Compliant, clients will be at ease even when giving out vital information. This will increase customer base and loyalty to the company.