Payment Banks and Companies have only a few weeks left to comply with Reserve Bank of India guidelines in complying with the KYC guidelines. It involves
- Compulsory storage of data within the country only
- As of now data is in all forms which calls for a debate across and protection is needed
- Consumer data is being used in innumerable forms which are detrimental to the personal security.
- Some Payment companies like Google Pay and PhonePe talk about sharing of data with group companies Paytm says that it shares data only on a need based basis to designated personnel or partners or service providers.
- Mobikwik reveals that they use and store personal information for enhancing the security of their services.
The survey made by Economic Times provides details as to where the position various Payment Apps stand as far as the security and protection aspects are concerned. Following data reveals the position therein.