What is Aadhaar based biometric scan for credit card transactions ?
RBI new chairperson made it mandatory to have a aadhaar based biometric scan for credit card transactions from the new upcoming 2014 year. They statergy is to introduce to minimize the fraud which take place while credit card transactions. As according to chairman ,there were lots of complaints against the fake transaction in the previous five year ,this technology will not only make the transaction safe also make the widthdraw without the actual card holder .If customer goes to the atm then he has to give the fingure print , then only it will be available to card holder.
By introducing this system will hike the expenditure by 32% , as consequence this technology will on the banks agreement , the “chip and card system will be secured by the 3g broadband connection , which will take some time for the installation , and will be available to the public till the end of 2013, Banks will have to upgrade there system to new technology ,but this is upto the banks view , either they can select the tansaction by pin or by aadhaar based biometric scan for credit card holder.
Icici bank will be one of the first bank to install this type of system according to the sources,RBI has also insisted to the banksto allow the international transaction only through the pin of the debit card .