In a bid to offer safe and secure e-payments, National Payments Corporation of India (NPCI) has planned to develop a security framework exclusively for mobile phone based payments, designed for banks and mobile wallets.
This is equivalent to Payment Card Industry Data Security Standard (PCI-DSS) framework that regulates data security for card payments across the world, reported The Economic Times.
NPCI the umbrella organisation of payments in India has decided to build new security standards for mobile payments to prevent any major loss of public money.
“Like PCI DSS is fully enforced in the payments space, in the mobile based payments space nothing of that sort exists which can be a standardised security protection,“ said Managing Director, NPCI, AP Hota.
“We are attempting to develop this framework as an initiative from our side,“ he said.