Single or Double Factor Authentication for Card Present transactions. Don’t force sell, please.

Why is the FinTech world so excited to remove 2FA from digital payments? Just because it will help in faster payments?

What about the payment from a stolen card? We have grievance redressal systems, but how fast and efficient it is? For companies Rs. 2000 may mean less, but not for the customers We are getting closer to gain the trust of the new to digital payment customers, but even a single fraud will take away the trust of not only the person but more people of that community/family.

Piyush Singh FinTech Financial Inclusion Design thinking Faculty professor professional Speaker India Delhi India

2 FA/MFA gives a sense of security, ownership and assurance that unless someone has the PIN etc they can not transact. All frictions are not bad and “Friction and Security are indirectly proportional”

GooglePay‘s recent advertisement in India talks about pin security. “You need a PIN to unlock the app, and another for the transaction”. Possibly they have understood the value of it to establish a trust to the system I would not take NFC unless I have the option in the mobile App to Disable it/Or a choice of NFC card/Choose a limit for NFC payments.

We must not copy-paste unless we have the “ecosystem” efficient for Single FA. We must focus on “UnitBehaviour” than “UnitEconomics” only What do you think? What would you vote for in Card-Present transaction, SFA or 2FA?


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