The government is exploring options to insure money in mobile wallets similar to how banks offer insurance on savings accounts.
According to sources, the government is talking with the stakeholders — wallet players and insurance companies — to work on the rules.
“There have been two-three meetings between the government and stakeholders, including mobile wallet companies and banking insurance companies, to chalk out the rules,” a government official told BusinessLine.
The official said the government was also taking help from the Payments Council of India (PCI) for security audit and see how this can be taken forward.
It is also working on utilising Unstructured Supplementary Service Data (USSD), a global coding system for mobile communication, that is used to send text between a smartphone and an app in the network.
According to the official, mobile wallets are becoming popular
