Further, the Srikrishna Committee, formed to look into privacy issues, has suggested compulsory storage of critical personal data within India only.
By ET Bureau |
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Paytm says that they “only share the data on a partial and ‘need-to-know’ basis to designated personnel or partners or service providers”.
Digital payment companies have just a few weeks left to abide by the RBI’s policy on compulsory storage of data within the country only.
Further, the Srikrishna Committee, formed to look into privacy issues, has suggested compulsory storage of critical personal data within India only.
While data is in the centre of all forms of debate in the tech world now, a look into the privacy policies of Indian payment companies reveals that consumer data is used in myriad forms.
While few payment companies like PhonePe and Google Pay talk about sharing of user data with group companies, Paytm says that they “only share the data on a partial and ‘need-to-know’ basis to designated personnel or partners or service providers”. On the other hand, Mobikwik talks about using and storing personal information for “enhancing the security of our services”.
ET has done a deep dive into the privacy policies of all the major payment apps to find out who stands where regarding user data
