NEWS & ADVICE : CREDIT CARDS
Relief to banks and credit cards companies
By Ankit Sharma
May 7, 2014
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It has been reported that the RBI has decided to halt its decision of requiring all the future POS terminal and ATMs capable of biometric authentication. Banks are not in the favour of the decision they have shown their problems, implementing biometric authentication across all point of sales terminals was quiet difficult. Further it was also seen that it was more time consuming earlier 5 secs were required, now the authorization using fingerprints took up to 20 seconds on a 3G connection.

The move has brought the relief for the banks and credit card companies. The halt of the decision will again lead to the establishment of the POS terminals and ATMs on big scale as it was earlier prior to the issuance of this rule. Now the RBI is planning to come up with a pilot project where issuers of prepaid cards are allowed cash withdrawals on the basis of biometric authentication. The pre paid card holders were desiring for the cash out facility, RBI has made the prepaid card holders happy by allowing 'cash out' with biometric authentication.

Cash out' facility refers to the cash withdrawal functionality. Until now, the RBI had not allowed pre-paid card or e-wallet providers to provide cash withdrawals.


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