NEWS & ADVICE : CREDIT CARDS
Aadhar authentication necessary for credit card transaction
By Ankit Sharma
Nov 28, 2013
Print    Email    RSS   

With the increasing use of the electronic cash and credit cards, Reserve bank of India lately announced that Aadhar authentication is compulsory for card transactions. In addition to it card structure will have installed EMV chip and mandatory pin. RBI is insisting on all these measures in order to combat with the raising frauds.

Further RBI has also asked the banks to use chip based credit cards. But this would add an additional expenditure to the banks since they need to set up the systems for biometric checks established by the Unique Identity Authority of India that issues aadhar card number.

According to payments head of a leading private sector bank this aadhar authentication measure of RBI is of no use, PIN system and chip based card are best and sufficient to ensure the security. Banks have issued the new card to the customers who need to use them at international POS and soon they will issue it to others also. Banks may stop establishing POS terminals, because of this biometric validation.


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
Kisan Credit Card: Allowing easy credit...
An insight into two wheeler insurance
An Insight into Credit Card Balance Transfer
Credit card finance charges in India: A...
Hit by the slowdown? Manage your Credit Card!


I DID NOT POSSES ANY CREDIT CARDS UP TO 2016, BUT...
DO I HAVE ANY CREDIT CARD LOAN BEFORE ANY BANKS IN...
what is my credit card statement.
what is my credit card statement
i forgot my ATM pin number i could i get it again
how to improve my CIBIL score???

NEWS THIS WEEK
91st Founders day of the Karnataka Bank Feb 18, 2015
Banks on strike from 25th February Feb 16, 2015
SBT bank postponed the Open House meet Feb 13, 2015
Yes bank planning to line up for credit card portfolio Feb 12, 2015
Pocket banking – new app by ICICI bank Feb 11, 2015
News Archive