Big Rule Change Indian Digital Payments 🇮🇳 #indiannews #indianupdates #digitalpayments #upi

⚠️ RBI has defined 3 possible factors, and for each digital payment, any 2 out of these 3 must be satisfied:

1. Something you KNOW – PIN, password, OTP
2. Something you HAVE – your phone, SIM, UPI app tied to your bank account, hardware token
3. Something you ARE – fingerprint, face ID, other biometrics
🚨 🚨
RBI’s rule is: 2 factors are mandatory, but it does not say they must be “OTP + FaceID” specifically, or that all 3 must be used every time.

Example: Why your Payments may still work
Why your ₹6,000 worked with only PIN
In your UPI flow, it looks like you are using only 1 thing (the PIN), but actually the system is counting 2 factors:
• Your phone + bound UPI app/SIM = “something you HAVE”
• Your UPI PIN = “something you KNOW”
So even though you just typed the PIN on screen, in the background the bank is already treating your registered device/app as the first factor, and your PIN as the second.
That’s why your payment of ₹6,000 went through with only PIN on screen and still complies with the “2 of 3 factors” rule

Видео Big Rule Change Indian Digital Payments 🇮🇳 #indiannews #indianupdates #digitalpayments #upi канала Dishant Sethi