look news india
The Reserve Bank of India on Tuesday announced new guidelines to improve the payment system. The Reserve Bank said that operators involved in non-bank payment systems will have to implement real-time fraud monitoring measures to identify and alert suspicious transaction activities. Non-banking PAOs will have to follow the Public Master i.e. basic guidelines on cyber systems and digital payment security controls.
This rule was made regarding mobile application
According to the information, operators involved in non-bank payment systems will have to decide that the mobile application automatically closes after a certain period when not in use and customers need to login again. Direction is influenced by Mars. RBI has also decided to implement it in a phased manner with the aim of giving PSOs enough time to prepare the necessary compliance framework.
The transaction will be rolled back
RBI said that the purpose of the instructions is to improve the payment system security of PSOs by providing a framework for security preparedness with an emphasis on cyber security. Regarding mobile payments, RBI said that PAOs should ensure that an authenticated session with encryption protocols is maintained during communication with consumers. The Reserve Bank said that in case of any interference, the session will be terminated when the customer closes the application. And the transaction will be settled. Or it will be refunded.
After this, customers will have to login again
Also, the PSO should ensure that after a certain period of inactivity, the online session on the mobile application will be closed automatically and the customer will have to login again. RBI said that the network should provide the facility to activate transaction limits at the card, bank identity card as well as card issuer level.