Former UIDAI chairman Nandan Nilekani said a sub $100 smartphone with an iris-recognition camera would be available in a year or two.The smartphone would enable users to do a one-click two factor authentication — the mobile number would be one factor and the iris-based biometric authentication of Aadhaar number would be the second.
"One of the big challenges in the financial sector is how to combine accuracy with security. The world over, when you do a financial transaction, you do a one factor authentication, but In India, we have a two factor authentication. It's complicated, as you have to enter something and get an OTP (one time password)," Nilekani said at the 28th International Conference on VLSI Design in Bengaluru on Monday.
Taxi hailing app Uber came under the RBI scanner recently for not complying with two-factor authentication. The fallout forced Uber to switch to a mobile wallet, a less convenient form since customers have to keep refilling these wallets. This is a right step ahead for the #2015 #Digital India movement. With the steady increase in the numner of Internet users in India and increasing presence with deeper penetration in all parts of India security must be given higher priority. We are now able to bank transactions over SMS and Mobile phones. Such activities should only be done under a secure environment. India spends a lot fighting attacks from foriegn country #hackers and steps like these might just help to curb them.