MUMBAI: All new credit card swipe machines and automated teller machines (ATMs) will be required to have a mechanism for Aadhaar authentication using biometrics. The Reserve Bank of India (RBI) is understood to be preparing such a directive to improve security and promote financial inclusion. The central bank had been debating between the international 'chip and PIN' and Aadhaar-based authentication to provide additional security for card transactions. Although RBI appears to have reconciled to a combination of 'chip and PIN' authentication for existing customers and biometric checks for hitherto unbanked cardholders, the challenge is in the acceptance devices........
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