TRAI chief calls for zero cost for digital transactions: 

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.