New Delhi: When using ATM card and credit card (OTP), if you find the OTP a hassle, then there is good news for you. In the case of daily payment, one can get rid of the hassle of OTP i.e. One Time Password.
The Global Network Provider is preparing to remove Visa to Factor Authentication (2FA). That means it will be easy for you and the hassle of daily transaction time OTP will also end.
Risk based prompt process instead of OTP
Visa is considering a risk-based prompt process in place of OTP. That is, where any kind of suspiciousness will appear, the OTP process will be used. For this process ‘Visa’ will discuss with Domestic Regulators and Banking Partners. After discussion it will be decided how the 2FA rules can be relaxed gradually. The company wants to make changes related to the transaction keeping in mind the international rules. This information was given by a top official of the company.
Trying to give better experience to customers
The company discussed this under its security roadmap for Asia-Pacific markets. Visa’s Asia-Pacific Head of Risk, which Kaxangham said, “We believe 2FA is necessary but we think its use should be risk-based.” He added, “The real growth of our industry. – Coming from the commerce space, we need to make some changes to give customers a better experience. ”
What is 2 fa
There are 2 layers of security in transactions with a debit or credit card on e-commerce platforms. This is called two factor authentication. In the first layer, the customer is asked to approve the transaction by taking the details of the card and CVV etc. and in the second layer is asked to give the OTP, which is sent to the customer’s mobile number. The Visa company believes that it is not required in all transactions.