Mobile wallets may soon have to insure customers' cash

Govt decided cyber labs be notified soon to help make IT-based evidence admissible in courts

To make a rapid move towards using digital cash, the government is planning to bring in changes in the way money is handled on mobile wallets.

The government is mulling over bringing insurance in the segment, on the lines of debit and credit cards. It has already held three meetings with mobile wallet and insurance companies and hopes to bring in the new regulations to make it mandatory for mobile wallets to insure money.

"The discussions have been quite fruitful. We would be able to bring in the new rules soon. It is extremely important that users know and understand that their money is safe and even if there are technical glitches, they get their money back," said an information technology (IT) ministry official.

 

The Ministry of Electronics Information Technology will soon come out with the rules.

The government in an effort to make cyber laws tougher and more effective has also decided that cyber labs, which examine evidence, be notified soon.

This would help make IT-based evidence admissible in courts.

"We are in the process of giving it final touches. It is necessary as cyber crimes are increasing and laws need to be stronger to deal with them," said another IT ministry official.

Sources said the government plans to notify at least two to three cyber forensic labs in each district.