RBI proposes alternative methods for authentication of digital payments, in addition to SMS based OTP system

New Delhi [India], August 1 (ANI): The Reserve Bank of India (RBI) has released a draft framework on alternative authentication mechanisms to supplement the SMS-based OTP system for digital payment transactions.

The RBI noted, "No specific factor was mandated for authentication, but the digital payments ecosystem has primarily adopted SMS-based OTP as Additional Factor of Authentication (AFA). While OTP is working satisfa