Digital Transaction: OTP will be must for any e-wallet
New Delhi, E-Wallet Security: To improve the security of the online transaction and any e-wallet transaction the central government is coming up with compulsory one time password (OTP). Currently this method is mostly used in many of the online banking like SBI, for money transfer.
PayTm, Airtel money and any other e-wallet must enable this feature to all its customers, apart from this all the banks and should also have the feature of the OTP.
According to the Ministry of Finance, The RBI has already asked for, the internet banking money transfer, bill payment, credit and debit card payments should done using OTP method. Though this feature is not yet implemented for the private e-wallet companies. In this way the central government will make all the other digital transaction to have OTP mandatory.According to sources, the finance ministry and the central bank(RBI) is already in discussion with the Ministry of Information Technology to build a consensus is over the OTP and to decide on the rules to make it mandatory for every transaction.