Demonetisation has given a unique business opportunity to mobile wallets, mobile banking and other forms of digital payments
. India is still trying to use digital payments for various purposes as a dominant majority of transactions are conducted through cash transactions. Digital payments are still not been able to make any significant dent in the cash driven economy of India.
Perry4Law Organisation (P4LO)
has published the Digital Payments and Cashless Economy Trends of India 2017
that has covered many crucial issues regarding use, adoption and safeguards for using digital payments in India. The cyber security trends in India 2017 have also been published by P4LO
for the benefit of all stakeholders. Collectively, we have provided techno legal digital payments trends of India that can be referred to by various stakeholders.
Now it has been reported
that the Ministry of Electronics and Information Technology (MeitY) is drafting a policy on mobile wallets and mobile banking to mitigate the risk of cyber fraud. The government is also considering insurance protection against cyber-crimes
. Cyber insurance policies
are still not popular in India due to lack of understanding of techno legal issues
associated with the same. As for the insurance cover, MeitY will play the role of a facilitator since mobile wallets are regulated by the Reserve Bank of India and insurance companies are controlled by the Insurance Regulatory and Development Authority of India. A legal agency may also be roped in to examine the concerns around digital payments and advise on the need for a new law.
The government is also in the process of launching
of National Cyber Security Coordination Centre (NCCC) for an investment of about Rs 900 crore, in order to assess threats in real time and safeguard India’s cyberspace. The premise is ready for NCCC. Recruitment is going to start soon with 55 people on board initially.