PayWell receives security standard certification

Fintech startup CloudWell, also known as PayWell, has recently received a PCI DSS certification for adopting and applying mandatory controls to ensure data security for customers.

The Payment Card Industry Data Security Standard (PCI DSS) is a payment card security standard to safeguard cardholders against fraud and abuse of private and personal information, says a press release.

The standards are designed and mandated by the PCI Security Standards Council whose founding members are VISA, MasterCard, American Express, Discover Financial Services and JCB International.

PayWell is currently engaged in aggregation and distribution of digital services like mobile recharge, utility bills, tickets and fees through its nationwide network of over 50,000 merchants.

The company applied for a payment service provider (PSP) licence and received a no-objection certificate from Bangladesh Bank in 2020. The PCI DSS certification is pursued as part of its readiness to get the PSP licence.

"PCI DSS certification is a crucial milestone for us in our journey to launch PSP wallet. We wanted to make sure that our platform achieved the highest security standards before we go live," said Founder and CEO Anisul Islam.

"Such certification will build trust in our customers as we consider data security as an utmost priority," said Mohammad Kudratullah, co-founder and chief marketing officer.