VSS opens to any regulation to intact privacy and safeguard consumers’ data

While a majority of apps have been expressing their reservations on further regulations by the government, Paytm boss Vijay Shekhar Sharma believes that some regulations are required to strengthen privacy law and safeguard consumers’ data against leakage. Sharma also had emphasised that users crucial data including financial ones shouldn’t go outside of the country.

Taking a contrarian stand on ongoing privacy debate, Paytm is open to any regulation that insulates consumers’ data against potential abuse and leakage.

Meanwhile, Sharma stand has come at a time when Facebook is facing flaks from governments across the globe including India. The Indian government had also warned the social networking giant and other companies who will try influence electoral process.

Several global media reports had surfaced over indulgence of a British political data analytics company Cambridge Analytica in influencing the voters’ psychology towards the Republican Party (Donald Trump) using Facebook data.

Following the leak, the central government had sent a show-cause notice to Facebook asking whether the personal data of Indian voters and users has been compromised by Cambridge Analytica.

Of late, Sharma has been vocal and lambasting Facebook and WhatsApp for its alleged circumvention of regulations while launching UPI-enabled payment feature. He even termed the world’s largest social network ‘the evilest company in the world’.

Currently, TRAI is presenting consultation papers to bring apps and data flowing on telecom networks under its control. The telecom regulatory body is likely to define what is personal information and who owns data flowing through cellular network funnel.

It’s also developing a (pricing and economic) framework for the over-the-top (OTT) platforms like Skype, WhatsApp, and Viber, Netflix, Amazon Prime and Hotstar.

The development was reported by ET.