Authors: Assistant Professor Ramesh M, Cheepuri Balaji
Abstract: Rapid growth in e-commerce and the rise of digital payment networks have been running far ahead of regulatory developments and consumer protection legislation resulting in both economic and legal issues. This paper analyzes the adequacy of the current legal framework regarding consumer protection laws in major countries in relation to liability for fraud, data protection, and unfair trade practices. Adopting an interdisciplinary methodology based on both doctrinal analysis of the relevant laws and survey results of 500 digital payment users, it is found that 68% of consumers do not even know about their remedies. The comparative analysis of the laws in the European Union, the United States, India, and China further highlights major enforcement deficiencies. A risk assessment-based compliance scorecard for digital retailers is proposed.
