UPI Payment PIN Password: The general public is troubled by the incidents of online fraud. Also, NPCI and RBI are also concerned about this problem. In such a situation, face scan and fingerprint scan payment system is being introduced in place of UPI PIN password with the aim of making online payment secure.
National Payment Corporation of India i.e. NPCI has prepared a new plan, under which online payment will be made more secure than before. However, this will have a direct impact on online payment users. Let us tell you that at present, to make online payment, you have to enter a 4 or 6 digit PIN password, but now it is going to change.
Payment will be done by face scan and fingerprint
Actually NPCI is talking to some startups, so that biometric authentication can be rolled out in UPI based online payment in place of PIN password. Last week, Reserve Bank of India i.e. RBI has also emphasized banks to find new options for OTP and card transactions. As is known, in today’s time, mobile OTP is required to make payment by card. Also, PIN passwords are necessary for UPI payment. But with the new change, users will be able to make online payment by fingerprint or face scan. You will know that face scan has to be done to unlock the iPhone device. In this way you will be able to make online payment.
RBI strict on online fraud
If we believe the Reserve Bank, many online frauds are happening due to PIN password. In such a situation, the Reserve Bank is concerned about online payment. This is the reason why RBI has asked banks to search for other options. PIN based mobile payment has been in existence for more than 3 years. If we believe the report, biometric based UPI payment can be started by NPCI in the next 3 months. Preparations have been started by NPCI for this.
What is the problem with PIN password?
PIN password is a secure option, but its problem is that once someone knows your PIN password, he can transfer money from your phone with its help, whereas this is not going to happen with face scan and biometric. This is the reason why NPCI and RBI are emphasizing on the use of biometric for two factor authentication.
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at informalnewz@gmail.com
