(a): Yes, Sir.
The Information Technology Act 2000 provides legal recognition for transactions carried out by means of electronic data interchange and other means of electronic communication, commonly referred to as electronic commerce.
The Payment And Settlement Systems Act, 2007 provisions to provide for the regulation and supervision of payment systems in India.
(b): Yes, Sir. Section 43A of the IT Act provides for compensation for failure to protect data. The Act requires body corporate possessing, dealing or handling any sensitive personal data or information in a computer resource which it owns, controls or operates, is negligent in implementing and maintaining reasonable security practices and procedures and thereby causes wrongful loss or wrongful gain to any person, such body corporate shall be liable to pay damages by way of compensation to the person so affected. Mobile/digital wallet providers are body corporate. Also the rules notified under this section namely “Information Technology (Reasonable security practices and procedures and sensitive personal data or information) Rules, 2011” prescribes financial information such as Bank account or credit card or debit card or other payment instrument details as sensitive personal information.
Mobile/digital Wallets are also intermediaries under the ambit of IT Act 2000. The rules namely Information Technology(Intermediaries Guidelines) Rules 2011 notified under section 79 of the IT Act provides for a suitable grievance redressal mechanism to be followed by intermediaries.
(c): Does not arise.
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