India releases draft rules for mobile wallet companies
Monday, March 13, 2017
In a bid to make transactions through e-wallets safer and strengthen the grievance redressal mechanism for consumers, government has released a set of guidelines for wallet firms.
The draft Information Technology (Security of Prepaid Payment Instruments) Rules 2017 which have been released for public consultation by the ministry of electronics and IT cover an entire spectrum such as protecting consumer information, especially financial data.
The grievance officer will have to “act upon” any complaint within 36 hours and “close” it in a month’s time. The draft also mandate that companies have enough safeguards in place to avoid any hacking attacks and if there is one, it is to be swiftly reported to the government.