00:00Why is OTP not enough anymore and why is your UPI now limited? Here is what is
00:04changing in your digital payments. On April 1st, the Reserve Bank of India
00:08rolled out new rules for digital payments. One of the biggest changes is
00:12that two-factor authentication is now mandatory for all transactions. That
00:17means every payment now needs two checks like an OTP plus something else. For
00:22example, your face ID, fingerprint or a PIN. Why? Because OTP based systems alone
00:28have become vulnerable to scams like phishing and SIM swaps. What's also new
00:33is that banks are now more accountable. That means if you face fraud due to a
00:38system failure, you could actually get compensated. And there are some new UPI
00:43rules too. There are now limits on how often you can check your balance, link
00:48accounts and track payments to prevent system overload and make things run
00:52smoothly. At the same time, RBI is tightening rules for bank agents to reduce
00:57fraud and improve reliability in rural and underbanked regions. Banks will now
01:03have to closely monitor agents and take responsibility for their actions. What
01:08do you think? Would you prefer a faster payment or a safer one? Let us know in the
01:12comments.
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