Alibaba stake in Paytm: Digital payment major says we do not share user data with any entity

By: | Published: July 26, 2018 5:19 PM

Declaring itself an "Indian owned, controlled and domiciled company" digital payments major Paytm on Thursday said it does not share users' data with any entity and allows no access to the same to any foreign party.

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Declaring itself an “Indian owned, controlled and domiciled company” digital payments major Paytm on Thursday said it does not share users’ data with any entity and allows no access to the same to any foreign party.

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.”

Paytm said it is “an Indian owned, controlled and domiciled company. We do not share user data with our investors or any foreign entity”.

“Our data is processed and stored locally in India with no access provided to any external party. We are the biggest champions of data sovereignty with complete ownership in India and only by Indian consumers,” the statement added.

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