UPI payment security boost: RBI's new rule effective today
Users must complete two verification steps for transactions, making it harder for unauthorized payments to go through
NEW DELHI (The Uttam Hindu): Two-factor authentication for all digital transactions, including popular UPI platform, becomes effective from Wednesday in line with the RBI's direction as a measure to curb fraud.
Transactions will only be processed if the user completes both verification steps, meaning even if someone sees your PIN, unauthorised payments will not be able to go through.
According to the Reserve Bank of India (RBI), all digital payment transactions in India are required to meet the norm of two-factor authentication. While no specific factor was mandated for authentication, the digital payments ecosystem has primarily adopted SMS-based one-time password (OTP) as the additional factor.
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