National Payments Corporation of India plans to develop a security framework exclusively for mobile phone based payments, for banks and mobile wallets, an equivalent to Payment Card Industry Data Security Standard (PCI-DSS) framework that regulates data security for card payments across the world.
In the wake of the government strategy to push digital transactions, mobile phone-based payments are becoming an important means of transactions. But this could attract hackers and fraudsters that seek to exploit the systems.
According to top officials NPCI, the umbrella organisation of payments in India, wants to build new security standards for mobile payments to prevent any major loss of public money.
AP Hota, managing director at NPCI commented that, 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.
By Baishakhi Dutta
