Draft guidelines on digital payment rules soon: Govt
The government will soon release draft guidelines on digital payment rules for public consultation which will prescribe a standard framework for mobile wallets.
“We will release draft rules on digital payments for public consultation soon. The paper will broadly talk on consumer interests and address security concerns,” minister for electronics and information technology Ravi Shankar Prasad said on Friday.
InfraCircle on Wednesday reported about government’s plan to come up with guidelines for mobile wallets.
Currently, there are neither norms for this space nor a regulator.
Digital payments during October 2016-January 2017 saw an increase of 195% in volume and 54% increase in value, he said.
“Concerns have been raised over digital wallets. Consumer interest and cyber security will be paramount while framing rules which will be done under the provisions in the IT Act,” the minister said.
Digital wallets are fairly large instruments and there must be an enabling framework and standardisation for them to operate.
He also said Aadhaar-enabled payments would be started this month as banks have already come on board.
Also, the ministry has disbursed Rs.6,831 crore under the electronic development fund to spur innovation. About 11 crore mobile phones were manufactured during the previous year with a value of Rs.54,000 crore and this number will cross Rs.90,000 crore soon.
“IT companies and entrepreneurs have done a tremendous job. Indian companies in US pay $20 billion in tax to the US government,” Prasad said. Indian companies contribute $107 billion in IT exports and provide 4 lakh job opportunities.
On concerns about the Donald Trump-led US government, Prasad said that his ministry was closely coordinating with the ministry of external affairs on this issue.
The government also plans to make all ration shops Aadhaar enabled by 30 June. “We will make all 5.58 lakh ration shops will be made Aadhaar enabled by 30 June 30. We are in discussion with food and consumer affairs ministry for this,” Prasad said.
Liked the story? Subscribe to our daily and weekly newsletter, InfraReads, to keep track of India's infrastructure space.