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Banks Reluctant to Offer RBI’s Instant Pay Feature
June 07, 2018
Although the central bank RBI has given an approval for single-factor authentication for credit and debit card transactions below Rs. 2,000, the banks are not comfortable with rolling out the same for their customers in view of security concerns. Thus, users still need to enter a PIN code into the PoS terminals after swiping their card to confirm the transactions.
An SBI official said that even though the Reserve Bank of India has permitted single-factor authentication, it’s ultimately the responsibility of the banks to check frauds and maintain security. He said that incidents like Zomato data breach have further emphasized the need of being over-cautious towards IT infrastructure and security.
Photo credit: JeepersMedia on VisualHunt.com / CC BY
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