Change in Reserve Bank of India norms may leave mobile wallet firms irrelevant
Monday, February 2, 2015
The Reserve Bank of India’s initiative to make online payment process simpler by introducing one-step authentication may impact the fast-growing mobile wallet industry and change the way it works.
Once the single factor authentication norm is active, credit cards and debit cards will start providing the same level of ease as the m-wallets, taking away the advantage the latter currently holds, say experts.
At present online transactions require two-way authentication where the payer has to put in card details and authenticate its ownership by providing a one-time password (OTP) or a 3D secure pin.