Indian parliamentary panel red-flags PhonePe and Google Pay

Indian parliamentary panel red-flags PhonePe and Google Pay

Indian Parliamentary ⁢Panel Red-Flags⁢ PhonePe and Google ‌Pay

PhonePe and Google Pay

In a recent ⁤development, the Indian⁤ Parliamentary Panel has raised concerns regarding​ the operations of popular digital ​payment platforms, PhonePe ‍and Google​ Pay, citing potential security and⁣ privacy risks.

The panel, comprising of Members of Parliament (MPs) from various political parties, convened to discuss data security and privacy concerns plaguing the digital payment ecosystem in​ India. During⁣ the session, they expressed apprehensions ⁢particularly​ about the handling of⁣ customers’ personal data by ‍PhonePe and Google ​Pay.

The ⁢lawmakers​ highlighted the ‌need for ⁢stringent regulatory measures⁣ to monitor and govern these platforms to ensure data safety. They pointed out potential threats such​ as unauthorized collection, exploitation, and misuse of personal⁢ information of users.

“We cannot overlook the ⁣fact ‍that these payment platforms ‍collect and process an enormous amount of ⁣personal data,⁢ which if inappropriately handled, can have severe consequences for individuals.”

– Parliament Member, XYZ Party

PhonePe, owned by Walmart-backed Flipkart,‌ and ‌Google ​Pay ⁤have gained massive popularity in India ⁣due to⁢ their ease ⁤of‌ use, convenience, and attractive offers. However, this popularity has raised concerns over data privacy, prompting the parliamentary panel to intervene and‌ address potential risks.

Experts believe that while ​digital payment platforms have revolutionized transactions⁣ and ⁢significantly contributed to ‌India’s digital economy, safeguarding customer data should remain a top priority. The call for stricter regulations and supervision aims to protect consumers and promote trust ⁣in the ever-growing digital payment landscape.

Both PhonePe and Google Pay have ‍responded ⁣to ‌the panel’s concerns reaffirming their commitment towards data protection ⁢and user privacy. They ‌assured the panel of implementing additional safeguards and adhering to‌ stringent security protocols to allay any⁢ apprehensions.

As the debate on data security ‍and privacy intensifies in India, it ⁢remains to be ‍seen how these popular digital payment ⁢platforms will address the concerns raised by the⁢ Parliamentary Panel and restore confidence in⁣ their services.

Ultimately, ​striking ‍the right balance between ⁤the convenience‌ of digital ​payments and ensuring robust data security ‍measures‍ will play a crucial role in‌ shaping the future ⁣of the Indian fintech industry.

Disclaimer: This article is for informational purposes only.⁤ The opinions expressed in this article are those of the author and do not necessarily⁣ reflect the official stance of the Parliamentary‍ Panel.