Verification using India's national biometric identification system could provide a second level of authorization to secure card-present transactions with magnetic stripe cards under a proposal outlined in a central bank working group report.
The Reserve Bank of India formed the Working Group for Securing Card Present Transactions on March 31 to create a plan to increase the security of in-store purchases. The group's report, released June 2, also recommends that the country's card issuing and acquiring infrastructures be commercially ready to accept EMV chip-and-PIN cards for payment within the next two years. As an alternative, the group proposed consideration of a system in which mag-stripe card purchases would be authorized through the Aadhaar Biometric system.
