What is required urgently is an iron-fisted enforcement of payment security standards such as adopting international payment security standards across cashless systems. For cashless methods that are unique like UPI, BHIM, AEPS, there is a need for an expert committee to study the current set of international payment security standards and see how the same can adopted with few modifications.
It is heartening to note that government is mulling a Digital Payments Act with inter-ministry representatives, and we hope that it constitutes a panel of digital payment security experts who can help them devise with standards to address this issue.
A simple mandate that organisations need to secure the payment data is not going to work, unless we clearly define the standards that are required to be followed by every entity in the ecosystem. The expert committee should review the international payment security best practices, open up for public opinion and come out with a clear and decisive mandate that will help foster payment innovation in a secure environment.
It can be also seen that a growing trend of innovation that is happening by lowering security posture. This has to be discouraged and the only way to do this is by laying down some ground rules of security that cannot be compromised by way of enforcing security standards.