Monday, February 26, 2024

RBI Governor announced that there will be a change in online transaction system!

The Reserve Bank of India (RBI) has suggested implementing a fresh technique for confirming digital payments. The way that digital payments are made will significantly change if this project goes forward. RBI Governor Shaktikanta Das disclosed details of the MPC’s decisions, stating that transactions are currently validated by SMS-based OTP. However, the principal-based authentication architecture is currently undergoing development as well. Future customers will be safer thanks to this.

RBILaunched the AFA system

The governor of the Reserve Bank of India stated that to protect digital payments, the central bank has implemented systems like Additional Factor of Authentication (AFA) in recent years. These days, clients prefer the SMS-based OTP solution. Using this, confirmation of digital payments has become simple. The Reserve Bank is planning to issue instructions to explain in detail about the new verification system. However, not much information has been given by the RBI Governor about this yet.

RBI

Through OTP, a verification code can be obtained.

At the moment, OTP is used to provide verification codes for online transactions. There’s a window of time to register it. The transaction is completed successfully by inputting the code inside of it. For digital payments, banks and lenders use OTP systems based on SMS. The Reserve Bank is currently putting up a new method for digital transaction verification. ‘Offline’ transactions will begin in the RBI CBDC pilot project, according to the governor of the RBI. This implies that users of digital currency can now transact even in places with spotty internet access.

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