2024-08-08 03:16:36
National Payment Corporation of India i.e. NPCI has prepared a new plan, under which online payment will be made more secure than before. However, this will have a direct impact on online payment users. Let us tell you that at present, to make online payment, you have to enter a 4 or 6 digit PIN password, but now this is going to change.
Payment will be done through face scan and fingerprint
Actually, NPCI is talking to some startups so that biometric authentication can be rolled out in UPI based online payments in place of PIN password. Last week, Reserve Bank of India (RBI) has also urged banks to find new options for OTP and card transactions. As is known, in today’s time, mobile OTP is required to make payment by card. Also, PIN password is necessary for UPI payment. But with the new change, users will be able to make online payments by fingerprint or face scan. You will know that face scan is required to unlock iPhone device. Similarly, you will be able to make online payments.
RBI is strict against online fraud
According to the Reserve Bank, many online frauds are happening due to PIN password. In such a situation, the Reserve Bank is concerned about online payment. This is the reason why RBI has asked banks to search for other options. PIN based mobile payment has been in existence for more than 3 years. If the report is to be believed, biometric based UPI payment can be started by NPCI in the next 3 months. Preparations have been started by NPCI for this.
What is the problem with PIN password?
PIN password is a secure option, but its problem is that once someone gets to know your PIN password, he can use it to transfer money from your phone, whereas this is not going to happen with face scan and biometrics. This is the reason why NPCI and RBI are emphasizing on the use of biometrics for two factor authentication.