An ATM card without PIN, RBI governor's idea
HYDERABAD: Imagine using an ATM card sans your four-digit PIN without compromising security! The concept is futuristic but that's what Reserve Bank governor Raghuram Rajan has in his mind.
Citing a model card used at the canteen of Institute for Development and Research in Banking Technology (IDRBT), where employee ID cards are embedded with near-field communication (NFC) and biometric authentication to ensure that the person holding the card is the original cardholder, Rajan said, 'That's something we need for the rest of India. If it's a technology that exists here (IDRBT), we need to figure out how to roll it out in the rest of India.'
Speaking at the 10th Banking Technology Excellence Awards ceremony here on Wednesday, Rajan said, 'Can we combine these two (NFC and biometric) and roll it out widely, there may be other solutions, am just talking about a solution, which seems to be attractive given the constraints in our country.'
Such a model will ensure relatively safer transactions, he added. 'The problem today is...how many of us coming freshly into the financial net understand that they have to keep the PIN to themselves? he questioned.
A biometric-embedded card could help customers having difficulty using PIN and, more importantly, ensure that the cardholder is the intended user.
News Posted: 16 October, 2014
|
