Digital payments major Paytm today made it clear that it does not share users’ data with any entity and allows no access to the same to any foreign party and further declared itself an “Indian owned, controlled and domiciled company”
Paytm was responding to a reference made in the Rajya Sabha on Wednesday by nominated member Narendra Jadhav to a possible threat to national security following Chinese e-commerce giant Alibaba’s purchase of a large stake in Paytm, which, in turn, has applied for a non-banking finance company (NBFC) licence.
“Making its stance absolutely clear pertaining to users’ data, One97 Communications Ltd, that owns the brand Paytm today (Thursday) reiterated that the company never shares any of its user’s data with any third party agencies, stakeholders, investors or any foreign entity,” it said.
“Paytm goes a step-beyond in ensuring utmost security of users’ data by processing and storing all the information in servers located within India. The company respects the user’s need for data privacy and security.”