Financial Crime World

China’s Payment Card Industry Data Security Standard Takes a Major Step Forward with UnionPay’s Strategic Membership to PCI SSC

Enhancing Global Payment Security Standards

November 02, 2020 - In a significant move towards enhancing global payment security standards, China’s largest bankcard association, UnionPay (UP), has joined the PCI Security Standards Council (PCI SSC) as a strategic member. This partnership aims to strengthen data security standards and promote consistency across the international card payment industry.

A Step Towards Global Payment Security

According to Lance Johnson, Executive Director of PCI SSC, “Our mission is to enhance global payment account data security by developing standards and supporting services that drive education, awareness, and effective implementation by the industry.” He added, “UnionPay’s participation with the PCI SSC will help enhance payment standards and promote uniformity across the global card payment industry.”

UnionPay’s Commitment

Xiaojun Tu, Executive Vice-President of UnionPay, expressed his organization’s enthusiasm for joining the PCI SSC. “Through this collaboration, we will engage industry stakeholders in developing and evolving PCI standards, elevating global payment security and securing the future of payments,” he said.

Benefits of the Partnership

As a strategic member, UnionPay will work closely with the PCI SSC to develop and evolve data security standards and programs that benefit the entire card payment industry globally. This move is expected to have a significant impact on improving payment security for:

  • Consumers
  • Financial institutions
  • Merchants in China and around the world

The PCI Security Standards Council

The PCI Security Standards Council is a global organization dedicated to increasing payment security by providing industry-driven data security standards and programs. UnionPay, as one of the largest bankcard associations globally, has played a crucial role in promoting uniform, interoperable bankcard standards and regulations worldwide.

By joining forces with the PCI SSC, UnionPay is further solidifying its commitment to ensuring the highest level of payment security for its customers and partners. This partnership is expected to have far-reaching benefits for the global card payment industry, driving progress towards a more secure and harmonized payments ecosystem.