The RBI has made it compulsory for banks to implement Aadhaar authentication for card transactions at merchant locations.
The central bank informed that all new card’s present infrastructure has to be enabled for recent security measures, including an embedded EMV chip and a mandatory PIN, besides Aadhaar validation at point of sale (PoS) terminals.
Aadhaar is currently used by banks to establish identity while opening bank accounts, which can then be used to make sure that subsidy payments are routed directly to beneficiaries.
RBI had directed banks to issue chip-based cards by November 30 to tackle rising fraud.
Be a part of Elets Collaborative Initiatives. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook , connect with us on LinkedIn and follow us on Twitter, Instagram.
