RBI Policy
To extend 2-factor authentication to international online payment
This story was originally published at 12:31 IST on 7 February 2025
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--RBI Malhotra: To extend two-factor authentication to intl online payments
MUMBAI - The Reserve Bank of India has decided to extend the additional factor of authentication to online international digital payments that are made to offshore merchants, Governor Sanjay Malhotra said in the monetary policy statement Friday. The extension is to "provide an additional layer of security in cases where the overseas merchant is enabled for additional factor of authentication." Currently, the requirement is only mandatory for domestic transactions.
The additional factor of authentication was one of the measures introduced by the RBI to enhance digital security in the banking and payments system. The initiative has strengthened the safety of transactions and provided confidence to customers to adopt digital payments, the RBI said. The regulator will issue the draft circular shortly seeking feedback from stakeholders.
On Jul. 31, the RBI issued a draft circular mandating the use of more than one factor for authentication for all transactions undertaken using cards, prepaid instruments and mobile banking channels. End
Reported by Christina Titus
Edited by Vandana Hingorani
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