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TMI BlogDraft Framework on Alternative Authentication Mechanisms for Digital Payment TransactionsX X X X Extracts X X X X X X X X Extracts X X X X ..... Draft Framework on Alternative Authentication Mechanisms for Digital Payment Transactions X X X X Extracts X X X X X X X X Extracts X X X X ..... d security of digital payments, in particular the requirement of Additional Factor of Authentication (AFA) for making payments. No specific factor was mandated for authentication, but the digital paym ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ents ecosystem has primarily adopted SMS-based OTP as AFA. While OTP is working satisfactorily, technological advancements have made available alternative authentication mechanisms. Therefore, as ann ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ounced in the Statement on Developmental and Regulatory Policies dated February 08, 2024, RBI has today released a draft "Framework on Alternative Authentication Mechanisms for Digital Payment Transac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tions" to enable the ecosystem to adopt alternative authentication mechanisms. This will widen the choice of authentication factors available to Payment System Operators and users. Comments / feedbac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... k on the draft framework may be sent by email or by post to the Chief General Manager-in-Charge, Department of Payment and Settlement Systems, Reserve Bank of India, Central Office, 14th Floor, Shahid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bhagat Singh Marg, Mumbai-400001, on or before September 15, 2024.
(Puneet Pancholy)
Chief General Manager X X X X Extracts X X X X X X X X Extracts X X X X
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