The Newest Cyber Guidelines Could Be A Potential Killer To The E-Wallet Industry

The most recent cyber rules from the Ministry Of Information Technology to tighten the Cyber Security in Prepaid Payment Instruments or PPIs, could pose a threat to the E-Wallet industry. The ministry has asked all E-Wallet players to incorporate multi-level authentication in every wallet payment transaction, which as per the PPI industry heads could be a potential threat.
 According to the industry sources, the multi-layer authentication will be a possible hurdle to all the E-Wallet instant payment schemes. Sandeep Ghule, Cofounder of Transerv and a PPI license holder, is of the opinion that having multi-level verifications can cause problems to instant payments as network connectivity is still very poor in many rural areas of the country. 
The Ministry has also asked the industry players to report cyber hacks to CERT-In. Ghule says that PPI industry already has a reporting mechanism laid down by the RBI and having two separate reporting mechanism and new list of rules by two different authorities is very confounding. This is apart from having PPI’s own internal surveillance and stringent rules in dealing with cyber-attacks.  The companies feel that there should be a better coordination between the RBI and Ministry with regard to these rules. 

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