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MUMBAI: Geopolitical tensions pose a growing threat to cross-border payments, RBI said in its latest report on payments. The central bank warned that the global financial system’s dependence on centralised infrastructure and a few dominant settlement currencies makes it vulnerable to international conflict and sanctions.According to RBI, sanctions or restrictions on financial systems or currencies…
The verification process will utilise biometric information through Aadhar identification system. (AI image) Facial recognition and fingerprint authentication – these are the two new features that may be launched for payments made through the Unified Payments Interface (UPI), according to a Reuters report.The National Payments Corporation of India, UPI’s operator, intends to display this biometric…
MUMBAI: RBI‘s move to get merchants to store tokens instead of card data since 2022 has cut down frauds and improved transaction success rates. Now, allowing alternatives to one-time passwords (OTP) for authentication is expected to make the system more efficient. Speaking to TOI, Visa’s head of products and innovation for South Asia, Ramakrishna Gopalan,…
The Reserve Bank of India (RBI) on Tuesday constituted a six-member Payments Regulatory Board (PRB) to supervise the functioning of payment systems across the country. The board is chaired by the RBI Governor and includes three nominees from the central government.The PRB replaces the earlier Board for Regulation and Supervision of Payment and Settlement System…
The Reserve Bank of India (RBI) has unveiled changes to strengthen the security of digital transactions, making two-factor authentication mandatory across the country’s payment ecosystem. The new framework, issued under the Reserve Bank of India (Authentication Mechanisms for Digital Payment Transactions) Directions, 2025, will come into effect from April 1, 2026.“All payment system providers and…
The National Payments Corporation of India (NPCI) is focusing on expanding credit products on the Unified Payments Interface (UPI) network, aiming to drive the next phase of growth in India’s retail digital payments.After RuPay credit cards and credit lines on UPI, the next major feature will allow consumers to convert UPI payments into EMIs.Sources familiar…
MUMBAI: RBI on Sept 15 issued new directions for payment aggregators (PAs), mandating stricter merchant vetting and extending oversight to physical payments.RBI’s directions make PAs the first line of defense against fraud by requiring stronger KYC and risk-based due diligence, with larger merchants facing tighter checks. For the first time, offline PAs handling proximity payments…
