Fintech firms and financial services players have welcomed the Reserve Bank of India’s (RBI) new guidelines on digital payment transaction authentication, calling it a forward-looking framework that will strengthen security, build consumer trust and accelerate financial inclusion.

Industry players said that the move is timely given the sharp rise in digital transactions across India and growing concerns around frauds and phishing attempts.

“RBI has laid out a forward-looking and innovative framework for securing digital payments while maintaining a seamless customer experience. The new guidelines enable issuers to move beyond traditional SMS OTPs (one-time passwords) to advanced authentication factors such as biometrics and risk-based checks, tailored to transaction profiles,” said Shail

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