Responding to the reference pertaining to data breach made in Rajya Sabha by nominated member Narendra Jadhav, e-commerce giant Paytm said that it is an Indian owned company and it does not share any user data with any entity. The firm said that it allows no access to any foreign party or entity on its users’ data.
“Making its stance absolutely clear pertaining to users’ data, One97 Communications Ltd, that owns the brand Paytm today (Thursday) reiterated that the company never shares any of its user’s data with any third party agencies, stakeholders, investors or any foreign entity,” said Paytm.
Paytm said that it ensures complete security of users’ data by processing and accumulating all the information in servers located in the country. It respects the user’s need for data privacy and security.
The firm said that its data is processed and stored in India and no external party has access to it. “We are the biggest champions of data sovereignty with complete ownership in India and only by Indian consumers,” the statement added.
A lot of concerns pertaining to data security of consumers data associated with digital payments is in coming to the light. Recently, WhatsApp Pay’s launch was delayed again due to the lack of clarity in its safety measures with regards to users’ data.