Indian government exploring ways to insure mobile wallet balances
“There have been two-three meetings between the government and stakeholders, including mobile wallet companies and banking insurance companies, to chalk out the rules,” a government official told BusinessLine.
The official said the government was also taking help from the Payments Council of India (PCI) for security audit and see how this can be taken forward.
It is also working on utilising Unstructured Supplementary Service Data (USSD), a global coding system for mobile communication, that is used to send text between a smartphone and an app in the network.
According to the official, mobile wallets are becoming popular after the government’s demonetisation move, and with the numbers growing it must be ensured that the customers’ interests are protected.
Companies such as Oxigen Services India, Paytm, Ola Money, FreeCharge, MobiKwik, SBI Buddy, TruePay, JioMoney and Airtel Money have gained a lot of customers, thanks to the government’s cashless transactions drive.