Digital Payment Security Alliance

IAS Prelims 2023

Google and the Ministry of Electronics and Information Technology (MeitY) on Thursday announced a ‘Digital Payment Security Alliance’ initiative that aims to create community awareness on safe and secure digital practices.

Under this initiative, banks, Fintech companies and government will work together to create awareness as users adopt digital and mobile payments.

The Digital Payments Security Alliance forum, which will have traditional banks, payment banks, mobile wallets and the IT Ministry as members, will have its first meeting in September.

Promoted by the Union Ministry of Electronics and Information Technology, the alliance will be anchored by the Data Security Council of India (DSCI).

It will bring the stakeholders onto a single platform to discuss the issues and challenges faced by the digital payments ecosystem.

The forum will also act as a industry body to represent to the relevant regulators or the government on various issues pertaining to the ecosystem.

The Nasscom arm is looking at achieving a security solutions and service market of $25 billion by 2025 in the country from the present $4.2 billion.