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With the rise in usage of e-wallets and mobile banking apps, the Centre has made draft rules called ‘Information Technology (Security of Prepaid Payment Instruments) Rules, 2017.
The draft rules made by the Ministry of Electronics and Information Technology has sought public comments seeking every electronic prepaid payment instrument (e-PPI) should develop an information security policy for security of the payment systems operated by them.
It said “every e-PPI issuer should also 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.”
The privacy policy should include details such as the information collected directly from the customer and information collected otherwise; uses of the information, purposes for which information can be disclosed and the recipients; and sharing of information with law enforcement agencies.
The e-PPI should also assist customers with regard to secure use of PPIs, it said, adding that PPI issuer should also designate a ‘Grievance Officer’ to receive complaints from customers.
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