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Know How Government Is Securing Your E-wallet


E-wallet's in the last 2 years time have sprung in huge number and has perhaps provided much ease sought by customers. Nonetheless, even today despite government's ongoing measures to boost digital payment drive, some of the customers even prefer the cash route.

Know How Government Is Securing Your E-wallet

Paytm, mobikwik etc are some of the most popular e-wallet companies currently operating in the country. Also, when our country has been witness to huge scams like the Satyam scandal, it is all the more necessary for our government to ensure that these companies do not run away with customer's hard earned cash and also it also needs such measures to protect customers from any likely cyber security concerns.

Unlike current practice, wallet providers both non-bank and banking entities are required to be KYC compliant as also maintain some minimum sum or have a minimum turnover to operate as a wallet company.

Non-banking wallets also need to maintain an escrow account reflecting both customer and merchant transactions as the requirement still holds true.

Also in contrast of the erstwhile policy, customers shall not be able to download the app of standalone wallets easilyy as there are now paper formalities which need to be completed at first.

So, if wallets have to gain in popularity and interoperability of wallets in future is to gain trajectory then these e-wallets need to definitely provide some over the counter advantage to customers.

In future a customer using one payment wallet shall be able to transfer money to a user with different wallet and also bank and wallet transfers shall also be possible.

Story first published: Thursday, October 19, 2017, 9:40 [IST]
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