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India Business News: The Reserve Bank of India (RBI) is proposing new authentication methods for digital payments to enhance security. Learn about the principle-based authentication framework and alternative methods that could be used.
The RBI today said that it has decided to come out with a new framework for authentication of digital payment transactions and introduce additional norms to enhance the security of the Aadhaar Enabled Payment System (AePS).
It is proposed to streamline the onboarding process, including mandatory due diligence, for AePS touchpoint operators, to be followed by the banks, the Governor said.
The cardholder may tokenise the card at any time of his convenience, either at the time of receiving the new card or later.
Get latest articles and stories on India at LatestLY. The RBI on Wednesday introduced a Card-on-File (CoF) token facility at the level of banks and other institutions to provide convenience for cardholders to get tokens created and linked to their existing accounts with various e-commerce applications. India News | RBI Introduces Card Tokenisation Facility at Bank Level.