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‘Data privacy should not be compromised in using fintech’ – Finance Minister Nirmala Sitharaman

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Photo of Nirmala Sitharaman shared by ANI [Twitter]
Photo of Nirmala Sitharaman shared by ANI [Twitter]

Union Finance Minister Nirmala Sitharaman has said an important thing on the issue of the protection of data privacy today. He has said that data privacy is one of the most important things. Addressing the fintech industry at the ‘Global Fintech Fest 2021’, he said that the number of people making digital payments is increasing continuously and data privacy of people should not be compromised in any way.

According to the Union Finance Ministry, Nirmala Sitharaman also highlighted that the United Nations Principles for Responsible Digital Payments is a common concern for all stakeholders in delivering digital payments based on the principles of trust, consent, confidentiality and choice for end-users. serve as an important resource.

 

The Finance Minister further said that in the period from January to August this year, a total of Rs 6 lakh crore digital transactions have taken place. In the year 2020, this figure was Rs 4 lakh crore and in the year 2019 it was Rs 2 lakh crore. He further added that the security of customer data is of paramount importance for building trust.

A report titled ‘UN Principles for Responsible Digital Payments’ has also been launched during the ‘Global Fintech Fest 2021’. Nirmala Sitharaman has launched it through virtual mode. Launching the report, he said, “I am extremely impressed that today the launch of the United Nations Principles for Responsible Digital Payments is the need of the hour”.

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