Government tightens payment and telecom safeguards
The Indian government has unveiled a sweeping set of reforms designed to bolster security in the digital economy, a sector expected to cross $1 trillion by 2030. Announced through a PIB release on 9 September, the measures target fraud prevention, e-commerce safety, and digital trust.
Key reforms include:
- Stricter authentication for online payments.
- Stronger monitoring of telecom operators.
- Collaboration with e-commerce firms to curb cyber fraud.
The reforms come amid rising instances of phishing scams and payment fraud. Industry watchers say trust is the backbone of India’s digital economy. A fintech CEO commented: “Every cyber breach shakes user confidence. These reforms give both startups and consumers a stronger safety net.”
With digital platforms powering MSMEs, startups, and rural commerce, analysts argue the reforms will create a level playing field. For small businesses, especially those new to online sales, government-backed security protocols could boost participation.
The move also strengthens India’s positioning in global digital trade talks, particularly with the EU, where data protection is central to negotiations.