Beyond OTP: RBI looking for other authentication methods
Also, the central bank’s strict measures for authentication make it easier for customers who are afraid of being defrauded during an internet use to conduct their businesses without fear. This has played an important role in financial inclusion by enabling customers to make digital payment transactions through service providers such as business correspondents. Mandatory due diligence for AePS service providers and stricter fraud monitoring will be like adding layers of security to your online wallet,” said Rahul Jain, CFO, NTT DATA Payment Services India. With offline functionality, convenient payments are ensured, enabling seamless transactions even without internet access,” said Jain. Also, CBDC systems, powered by blockchain technology, offer cost-effective alternatives to managing and distributing physical cash, with transaction costs among the lowest globally and the ability to facilitate real-time transactions round the clock.
RBI eases two-factor authentication norms for online transactions under Rs 2,000
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