New Security Framework Planned for Indian Mobile
India is home to a new sense of security for mobile payments in the near future. It’s really no surprise to industry buffs, India is seemingly always on the cutting edge when it comes to mobile payments.
National Payments Corporation of India plans to develop a security framework exclusively for mobile phonebased payments, for banks as well as mobile wallets, an equivalent to Payment Card Industry Data Security Standard framework that regulates data security for card payments internationally.
As a result of the government strategy to encourage digital transactions, mobile payments are becoming increasingly popular as a means of transactions.
This nuance can actually potentially attract hackers and fraudsters that are looking to exploit the systems, the dirty dogs.
NPCI, the organization at the helm and the umbrella home of payments in India, wants to create new security standards for mobile payments in order to prevent any further loss to public money, according to a top official.
“Like PCI DSS is fully enforced in the payments space, in the mobile based payments space nothing of that sort exists which can be a standardised security protection,“ said AP Hota, managing director at NPCI.