The Ministry of Electronics and Information Technology (MEITY) has issued draft Information Technology (Security of Prepaid Payment Instruments) Rules 2017 for Prepaid Payment Instruments (PPI) company or e wallet firms. The draft rules seek to ensure integrity, security and confidentiality of electronic payments made through PPIs. It covers an entire spectrum for protecting consumer information, especially financial data.
Advantages for e-commerce sites – A digital wallet refers to an electronic device that allows an individual to make electronic transactions. This can include purchasing items on-line with a computer or using a smartphone to purchase something at a store. An individual’s bank account can also be linked to the digital wallet.