RBI Proposes New Authentication Methods for Digital Payments in Addition to SMS-Based OTP
- Blog|News|FEMA & Banking|
- < 1 minute
- By Chetan Kulasri
- |
- Last Updated on 2 August, 2024
Latest from Taxmann
Press Release: 2024-2025/809, Dated: 31.07.2024
Over the years, RBI has prioritised the security of digital payments, particularly the requirement of an Additional Factor of Authentication (AFA) for making payments. No specific factor was mandated for authentication. The RBI has now released a draft ‘Framework on Alternative Authentication Mechanisms for Digital Payment Transactions’ to enable the ecosystem to adopt alternative authentication mechanisms, in addition to SMS-based OTP. This will widen the choice of authentication factors.
Click Here To Read The Full Press Release
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
CA | CS | CMA
