Govt releases draft
rules for m-wallets, smart cards
The draft IT (Security of Prepaid Payment Instruments) Rules 2017 have
been designed to ensure adequate integrity, security and confidentiality
of electronic payments effected through PPIs.
Govt releases draft rules for m-wallets, smart cards
The government has released draft guidelines for transactions made
through prepaid payment instruments (PPIs) like mobile wallets, smart
cards and paper vouchers and also sought feedback from various
stakeholders.
The draft IT (Security of Prepaid Payment Instruments) Rules 2017 have
been designed to ensure adequate integrity, security and confidentiality
of electronic payments effected through PPIs.
"With the government promoting cashless economy and boost being given to
various digital payment systems, a need is felt to develop a framework
for security of various PPIs operating in the country," it said.
The Ministry of Electronics and Information Technology (MeitY) has
formulated the draft rules for security of prepaid payment instruments
under provisions of IT Act 2000, it added.
The rules entails the PPIs to ensure end-to-end encryption of the data
exchanged and emphasised that e-PPI issuers assist customers with regard
to secure use of the prepaid payment instruments.
"Every e-PPI issuer shall have in place and publish on its website and
mobile applications the privacy policy and the terms and conditions for
use of the payment systems operated by it in simple language, capable of
being understood by a reasonable person," it said.
Also, the rules mandate that each PPI company have a privacy policy
posted on its website. They will also have to appoint a chief grievance
officer, whose contact details will have to be prominently displayed on
the website.
"The Grievance Officer shall act within 36 hours and shall resolve the
complaint within one month from the date of receipt of such complaint,"
it added.
The companies will also have to establish a mechanism for monitoring,
handling and follow-up of cyber incidents and breaches.
The last date for submitting comments on the draft is March 20.
Read more for Indian Stock Tips- http://bit.ly/ace_services
No comments:
Post a Comment