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TRAI chief calls for zero cost for digital transactions:
Context:
Telecom Regulatory Authority of India (TRAI) Chairman R.S. Sharma emphasised on the need for a speedy solution to issues of data ownership and privacy.
Introduction:
- Sharma on Wednesday suggested removal of costs related with digital payments such as merchant discount rate (MDR) for promoting digital transactions in the country.
Purpose:
- The purpose was to have a sustainable digital transactions system.
- To ensure that Merchant discount rate is zero, especially for small value transactions
Data Privacy:
- India is moving towards a data world and data has become extremely important.
- Issues of data ownership, its privacy and security are extremely important.
- With services like a lot of “metadata” about users is given out and stored in clouds, not with the government but private firms. There is need to have data privacy.
