To make online transactions easier, the Reserve Bank will soon come out with single authentication payment norms for low value e-commerce transactions without any compromise on security.
Currently, two-step authentication is generally prevalent in the country unlike developed nations. First step of authentication is feeding PIN and next step is punching in of secure code or One Time PIN (OTP). “Maybe we will go for a small amount where we need not have second factor authentication. That amount could Rs.1000, Rs.2000 or Rs.3000,” he said. “I am not able to tell your the amount at the moment but that is what we are working at so that small value, low ticket we can get out of the second factor authentication without compromising on customer’s liability and provider’s liability,” he said.
Asked by when guidelines on small ticket transactions will be issued, he said: “I suppose within a month’s time.”
