New ways to verify digital payments other than OTP; RBI proposes principle-based authentication
Published by Economic Times
Abhishek Kumar's role: Quoted
Abhishek Kumar, a SEBI-registered investment adviser, explained that instead of insisting on OTPs, RBI-regulated entities would get flexibility to use other ways of authenticating digital payments, such as time-based passwords generated by an algorithm.
More of Abhishek's views on money management
Economic Times reports the RBI's proposal, announced with its monetary policy decisions on 8 February 2024, to set up a principle-based framework for authenticating digital payments. The article notes that SMS-based OTPs had become the most common extra check and that the framework would let regulated entities adopt other methods. It includes views from fintech executives and comments from Abhishek Kumar.
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New ways to verify digital payments other than OTP; RBI proposes principle-based authentication