All you need to know about the Digital Payments Security Alliance
Security provisions and safe digital payment practices are needed for a sector that requires a fourfold increase in mobile wallet transactions, with a gross value of Rs 105 lakh crore from March 2016 to March 2017.
NASSCOM-backed and Google co-founded Digital Payments Security Alliance will organize its first forum to discuss issues and solutions related to digital payments in September.
The forum will see traditional banks, payments banks, mobile wallets and representatives from the Information Technology (IT) Ministry in attendance. They will engage in debate over the various methods to ensure a secure digital payments network.
What is the Digital Payments Security Alliance?
With people increasingly preferring to shop and pay online rather than physically, and with the spread of the “Digital India” campaign, there has been a surge of digital payments in the country.
Also, in the months that followed the demonetisation of Rs 500 and Rs 1000 currency notes, users were forced to start using modes of digital payments more frequently than ever before.
According to Rama Vedashree, Chief Executive Officer of Data Security Council of India (DSCI), the anchor to the alliance, there was a nearly fourfold increase in the number of mobile wallet transactions between March 2016 and March 2017. These transactions had a collective gross value of Rs 105 lakh crore.
Aside from this, there were over 100 crore Aadhaar-authenticated transactions last year and over 20 crore Internet of Things (IoT) devices present in the country.
Talking on Cyber Resilience and Privacy Challenges in a Digital World at a Nasscom-hosted conference on Wednesday, Vedashree cautioned that the small and medium enterprises (SMEs) needed to change their business practices as they were vulnerable to cyber attacks.
If they are attacked, it could be the beginning of a greater security compromise of the primary supply chain, of which these businesses form an integral part.
Thus, to create community awareness on safe digital practices across the country, Google and the Ministry of Electronics and Information Technology (MEITY) announced a Digital Payment Security Alliance in April. Banks, Financial technology companies and the central government were set to be key stake holders in the alliance.
The alliance announced that it will make efforts to make digital payments safer and develop an Android Skill programme to provide training to 2 million developers with the help of the National Institute of Electronics and Information technology (NIELIT).DSCI projects that the Indian security solutions and services market will be a USD 25 billion one by 2025. Currently, this sector constitutes a USD 4.2 billion market in India.