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More e-tailers doing away with OTPs
MUMBAI: Many e-commerce platforms and mobile apps are set to do away with the second-factor authentication of one-time passwords (OTPs) for regular customers on payments up to Rs 2,000, making online transactions quicker and smoother.
Flipkart has already done so, and others like Swiggy and ride-sharing apps are about to follow.
A key driver for this has been the phased relaxation of rules by RBI-most recently last Friday-on one-time passwords.
With pre-authorisation, they do not face any such risk.Unlike in India, many overseas e-comm platforms and apps do not require second-factor authentication.
Now while requirement of OTP has been withdrawn, RBI has put the onus on banks and merchants to verify the user. | To read full story, visit https://startuparound.com/read/1578972605.548344/More-e-tailers-doing-away-with-OTPs?ref=audio_experience
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By Startup AroundMUMBAI: Many e-commerce platforms and mobile apps are set to do away with the second-factor authentication of one-time passwords (OTPs) for regular customers on payments up to Rs 2,000, making online transactions quicker and smoother.
Flipkart has already done so, and others like Swiggy and ride-sharing apps are about to follow.
A key driver for this has been the phased relaxation of rules by RBI-most recently last Friday-on one-time passwords.
With pre-authorisation, they do not face any such risk.Unlike in India, many overseas e-comm platforms and apps do not require second-factor authentication.
Now while requirement of OTP has been withdrawn, RBI has put the onus on banks and merchants to verify the user. | To read full story, visit https://startuparound.com/read/1578972605.548344/More-e-tailers-doing-away-with-OTPs?ref=audio_experience