I understand that using MD5 is not safe and is not PCI compliant.
Does using BCrypt satisfy PCI compliance
Sadly enough, it rather can be in some cases: http://security.stackexchange.com/a/41868/836
The substantive problem is that the credit card number space is so short that brute forcing is basically always reasonable. I think that the question pattern you should be asking is:
Thus, what we should be talking about is why you need to store this data and how you'll access it, confirming that PCI says you can store it, then figuring out the appropriate response.
... here's the direct answer:
... which BCrypt would satisfy. Further reading: https://www.pcisecuritystandards.org/documents/pci_dss_v2.pdf
Are these two questions or one? Brypt is not using MD5 and is one of the strongest password derivation functions. However, as any one way function, it should be seeded with a secret (salt), especially if the input is of low randomness, such as payment card numbers.