For the first time in the country, the National Payments Corporation of India (NPCI) is planning to introduce an iris-based authentication system. It is a move that is expected to help millions to transact bank accounts without any pin or one-time password, reducing the chances of password-related frauds.
The project is expected to be launched between March to May next year.
A P Hota, Managing Director and CEO at NPCI, said, “It is the next-generation authentication technology which can make the transaction processes simpler and faster without compromising on security.”
“NPCI is fully committed to participate in the innovation,” he added.
Electronics major Samsung will help NPCI to help this process take place. The firm is manufacturing high-resolution cameras, which will read eye-retina to recognise a person before confirming payments to eCommerce companies, radio cabs, cash-withdrawl from ATMs as the product evolves with new features, including Aadhaar-card linkages.
Aadhaar cards already have the iris impressions of its applicants, which will be matched at the time of payment confirmation, once the mechanism becomes operational.
According to sources, “NPCI is leading the initiative for which it has also tied up with Bengaluru-based NovoPay, an information technology solution provider, assisting the indigenous entity to develop the platform.”
“Developed in the 80s, retinal scanning is considered one of the most pure biometric technologies, but it is also one of the least deployed,” said one of the officials.