The Reserve Bank of India (RBI) has announced the introduction of additional factors of authentication for international digital payments made to offshore merchants who are enabled to undertake such transactions.

Sanjay Malhotra, governor, RBI, said “The rapid digitalisation of financial services has brought convenience and efficiency but has also increased exposure to cyber threats and digital risks, which are getting sophisticated day by day.”

Enabling Additional Factor of authentication in cross-border Card Not Present transactions

RBI said: “Introduction of Additional Factor of Authentication (AFA) for digital payments has enhanced the safety of transactions which, in turn, provided confidence to customers to adopt digital payments. This requirement, however, is mandatory for… updates

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