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Draft Framework on Alternative Authentication Mechanisms for Digital Payment Transactions
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....raft Framework on Alternative Authentication Mechanisms for Digital Payment Transactions <br>News and Press Release<br>Dated:- 1-8-2024<br><BR>Over the years, the Reserve Bank of India has prioritised....
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.... security of digital payments, in particular the requirement of Additional Factor of Authentication (AFA) for making payments. No specific factor was mandated for authentication, but the digital payme....
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....nts ecosystem has primarily adopted SMS-based OTP as AFA. While OTP is working satisfactorily, technological advancements have made available alternative authentication mechanisms. Therefore, as anno....
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....unced in the Statement on Developmental and Regulatory Policies dated February 08, 2024, RBI has today released a draft "Framework on Alternative Authentication Mechanisms for Digital Payment Transact....
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....ions" to enable the ecosystem to adopt alternative authentication mechanisms. This will widen the choice of authentication factors available to Payment System Operators and users. Comments / feedback....
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.... on the draft framework may be sent by email or by post to the Chief General Manager-in-Charge, Department of Payment and Settlement Systems, Reserve Bank of India, Central Office, 14th Floor, Shahid ....
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....Bhagat Singh Marg, Mumbai-400001, on or before September 15, 2024. (Puneet Pancholy) Chief General Manager<BR> News - Press release - PIB....