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Govt has put out a consultation on security and privacy measures for wallets

The ministry of electronics and information technology (MeitY) has issued a consultation paper (pdf) which calls for developing a framework for security of digital wallets operating in the country. Right now, wallets have no prescribed security standards to adhere to. Section 43 A of the Information Technology Act which deals with data protection is applicable to wallets but it allows corporations to determine what security practices and procedures are adequate.  "With the Government promoting cashless economy and boost being given to various digital payment systems, a need is felt to develop a framework for security of various Prepaid Payment Instruments (PPIs) operating in the country," the government said. Comments for the draft rules are open till March 20. Here is a look at what the draft rules entail: 1. Information security policy: Every wallet will have to develop an information security policy…

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