Emerging consumer protection issues in digital india
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India lacks laws to protect consumers if they lose money during digital transactions even as the government pushes for a less-cash economy after it withdrew Rs 500 and Rs 1,000 currency notes as legal tender.
The Narendra Modi government’s demonetisation move might have warranted an increase in transaction activity on digital wallets massively, but measures to ensure the underlying cyber security parameters for digital payments are still kept largely under the ambit of the Information Technology (IT) Act.
“We don’t have any dedicated law on digital payments. That’s very important to grant complete legality and remove and doubts and clarifications pertaining to legal efficacies and legal validity of digital payments,” says Pavan Duggal, an advocate in the Supreme Court specialising in cyber law.
While the Reserve Bank of India (RBI) usually sets security and privacy standards for banks in the country, digital wallets such as Paytm, FreeCharge and MobiKwik fall under the category of non-banking financial corporations (NBFCs) excluding them from this. For fintech companies in India today, security compliance falls under Section 43 A of the IT Act.
The Narendra Modi government’s demonetisation move might have warranted an increase in transaction activity on digital wallets massively, but measures to ensure the underlying cyber security parameters for digital payments are still kept largely under the ambit of the Information Technology (IT) Act.
“We don’t have any dedicated law on digital payments. That’s very important to grant complete legality and remove and doubts and clarifications pertaining to legal efficacies and legal validity of digital payments,” says Pavan Duggal, an advocate in the Supreme Court specialising in cyber law.
While the Reserve Bank of India (RBI) usually sets security and privacy standards for banks in the country, digital wallets such as Paytm, FreeCharge and MobiKwik fall under the category of non-banking financial corporations (NBFCs) excluding them from this. For fintech companies in India today, security compliance falls under Section 43 A of the IT Act.
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