Centre issues draft guidelies for e wallet companies

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To promote safe digital payments in the country, the Government of India has released a set of draft guidelines for e wallet companies.
The Ministry of Electronics and Information Technology (MeitY) has released these guidelines inviting public feedback on them till March 20.
The main aim of these guidelines is to protect consumer data, especially the financial data. The rules make it compulsory to post the privacy policy on digital wallets website. These companies are also required to appoint a chief grievance officer whose contact details will have to be displayed on the website. The Chief grievance officer will have to act on complaints within 36 hours and close it in a month’s time.  It is also mandatory for such companies to have proper online security checks to avoid hacking attacks.

“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,” said the draft.It added that the policy should include details such as consumer information collected, its uses, period of retention of information, purposes for which information can be disclosed and to whom especially with law enforcement agencies.

It should also have details on security practices and procedures, name and contact details of the grievance redressal officer along with mechanism for grievance redressal.Ajay Kumar, additional secretary, ministry of electronics and IT said that the draft rules will ensure that the personal information of the consumers is secure. “Also, there needs to be adequate data security and grievance redressal,” Kumar added.

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