Securing The Digital Payments Ecosystem

Since demonetisation, the Indian government has taken several steps to enable digital payments adoption across the country. With initiatives like the Digidhan Mission, setting a target of 25 billion digital transactions in 2017-18, the Modi government is setting high benchmarks which necessitate appropriate ecosystem support. Indeed, the Digidhan Mission’s ‘Objectives and Functions’, recognise that securing India’s digital payments landscape is critical.

In light of the exponential rise in e-commerce and digital payments, this imperative could not have come any sooner. India's digital transformation has not only highlighted the need for increased financial inclusion but also the emergent cyber security threats that it brings with it. This transformation, however, also represents an opportunity - not only to modernize India's laws and regulations to respond to global changes but also influence these changes and set a trajectory of growth for other emerging markets.

Keeping in mind these realities, NITI Aayog, in association with ORF, is preparing a cyber-security White Paper that will highlight best practices for the Integrity of Payments Systems and help enhance trust of the users in the payments ecosystem. The White Paper, through consultations with relevant stakeholders, will provide policy inputs to modernise standards for transaction security, hardware security and information security.

In this context a meeting was convened constituting experts and practitioners, who can help develop a comprehensive strategy to secure the digital payments ecosystem. The discussion was chaired by Dr. VK Saraswat, Hon’ble Member, NITI Aayog.