Regulation of Online Payment Solutions in Malawi
Businesses that accept online payments must comply with credit card companies’ standards and regulations, as well as with the Payment Card Industry (PCI) Data Security Standard (PCI DSS).
Credit Card Companies’ regulations also apply. For example Visa requirements call for merchants to ensure that, at a minimum, the following customer details are collected:
- The card account number
- The name as it appears on the card
- The card expiration date as it appears on the card
- The cardholder’s statement address
- Also check whether the card has a card start date and record this detail
- If possible, take note of a contact phone number and the name of the financial institution that issued the card
MasterCard requires that merchants comply with the Payment Card Industry (PCI) Data Security Standard.
American Express recommends merchants only ship merchandise to the card member’s billing address.
Direct Pay Limited ‘DPO’, is a Licensed Payment Service Provider and is duly regulated by the Reserve Bank of Malawi (RBM) under the Payment Systems Act 2016.
Who can open an account with DPO?
Any business owner: travel & hospitality industry (hotel, airline, travel agent, tour operator, tour guides and restaurants) and eCommerce merchants (retail, utility, can immediately open an account and enjoy DPO’s online and mobile payment processing services. Merchants can also apply for the DPO prepaid Card and for an online shop, under the DPO Store program.