Centre issues draft rules on e-wallet payments

The rules are meant to ensure integrity, security and confidentiality

March 09, 2017 10:16 pm | Updated 10:16 pm IST - CHENNAI

The Centre has issued draft rules to ensure integrity, security and confidentiality of electronic payments made through prepaid payment instruments (PPIs), popularly called e-wallets. The draft rules, on which the Ministry of Electronics and Information Technology has sought public comments, make it mandatory for e-PPI (electronic pre-payment instrument) issuers to develop an information security policy that ensures that the systems operated by them are secure.

The Information Technology (Security of Prepaid Instruments) Rules, 2017, define an e-PPI issuer as a “person operating a payment system issuing prepaid payment instruments to individuals/organisations” under the aegis of Reserve Bank of India. The rules make it compulsory for e-PPIs to publish on their websites and mobile applications both their ‘privacy policy’ and terms for use of their payment systems. The draft also details the requirements of a privacy policy. The rules mandate that e-PPIs should carry out risk assessment to spot security risks and also ensure adequate due diligence is done before issuing PPIs.

Top News Today

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.