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 and mobile wallets.
This is 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.
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, a top official said.