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india's new guidelines on ppis send wallet firms in a tizzy, technology news, ettech

india's new guidelines on ppis send wallet firms in a tizzy, technology news, ettech News Article With The full text news and with Resource Link at the bottom of the text and you can View this News Article in the source page.



india's new guidelines on ppis send wallet firms in a tizzy, technology news, ettech

the latest guidelines issued by the information technology ministry on cyber security of prepaid payment instruments, or ppis, has caused a concern among wallet and payment players regarding the possibility of dual control from the reserve bank of india as well as the central government.ppis, regulated by the rbi under the powers bestowed upon it by the government through the payments and settlement systems act (2007), have said there is an urgent need for better coordination between the two entities in order to prevent overlap of jurisdictions.the ministry has asked wallet companies to adopt multiple-factor authentication for payments, which, the industry sources say, can kill their business, as the new layer will interfere with the instant payment mechanism.“wallets are mostly for smal...