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Whereas SMS-based One Time Password has been the first approach for authenticating digital transactions, the Reserve Financial institution of India is different mechanisms in step with technological developments.
Through the years, the Reserve Financial institution has prioritised the safety of digital funds, in significantly the requirement of an Further Issue of Authentication (AFA). Although RBI has not prescribed any specific AFA, the funds ecosystem has largely adopted SMS-based One Time Password (OTP).
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“With improvements in know-how, different authentication mechanisms have emerged lately. To facilitate using such mechanisms for digital safety, it’s proposed to undertake a principle-based ‘Framework for authentication of digital cost transactions’. Directions on this regard shall be issued individually,” RBI mentioned in a press release
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