Fingerprint or retinal scan to authenticate debit or credit card transactions
Posted on: 27/Oct/2016 1:04:41 PM
In order to prevent debit card frauds, the Reserve Bank Of India has decided to introduce customers fingerprint or retinal scan to authenticate debit or credit card transactions from 1st January 2017.
In between, RBI in its circular to all Scheduled Commercial Banks including Regional Rural Banks, all Co-operative Banks, Card Payment Networks, ATM Operators, Payments Banks and Small Finance Banks has mentioned: With the significant boost in number of Aadhaar card holders in the country, we advise banks to ensure that all new card acceptance infrastructure deployed with effect from January 1, 2017 are enabled for processing payment transactions using Aadhaar-based biometric authentication also.
The move by RBI to provide Indian consumers a secure payment network is relevant now more than ever due to the recent data breach of 3.2 million debit cards of blue-chip banks such as SBI, HDFC, ICICI, Yes Bank and Axis Bank.
