India’s Reserve Bank Mulls Biometric Requirement for Online Payment Authentication

The Reserve Bank of India (RBI) has released a draft framework aimed at strengthening authentication methods for digital payments.

The new framework proposes the use of alternative authentication mechanisms, such as biometric verification (including fingerprints and facial recognition), PINs, and passwords, to improve security beyond the traditional SMS-based OTPs.

By incorporating biometrics and other advanced authentication methods, the framework aims to reduce fraud and enhance user confidence in digital payment systems. The framework also underscores the importance of user convenience, ensuring that the new measures do not compromise the ease of conducting digital transactions.

The RBI is inviting public feedback on the draft until September 15, 2024, with plans for implementation within three months after finalization. The final implementation of these measures is expected to significantly boost the security infrastructure of digital payments in India, and to help align the country with global best practices.

In another move to transition various sectors in India toward biometrics-secured payments, earlier this year RecFaces announced a partnership with the Shopping Centre Association of India (SCAI) and hosted a virtual discussion, titled “Face Forward: Revolutionizing Safety and Ease at Shopping Centres.”

The event focused on the use of facial recognition technology in the retail sector, particularly in the APAC and MENA regions, where experts in facial biometrics and shopping center operations discussed the technology’s potential to enhance security and improve customer experiences through faster and more personalized services.

Source: Pune News

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August 6, 2024 — by Ali Nassar-Smith

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