Online transactions up to Rs. 2000 can be done without OTP, Know whole thing
India’s online companies are about to eliminate OTP authentication for a one-time payment of up to Rs 2,000 from its platform. This move of companies will make the transaction very easy. The e-commerce site Flipkart has completely removed the OTP authentication up to Rs 2,000, although companies like Ola and Uber including Swiggy are preparing to adopt it. It is expected that soon all companies will take a payment of up to Rs 2,000 without OTP.
Approval was obtained from the Reserve Bank of India
The RBI had approved the removal of OTP authentication to the banks of the country to make the online payment easier. Puneet Jain, Vice President of PayTM, said that our company is preparing to take payment by credit card without OTP. However, the company has not yet shared official information about this service.
Online transaction figures continue
According to the same media report, 40% of the transactions in the market are currently through Paytm. Apart from this, Paytm has become the largest payment channel for payments ranging from IRCTC to lifestyle apps.