The group has observed that the Aadhaar biometric data which is perhaps unique to India could very well serve as the secured additional factor of authentication, which would enable even the available magnetic stripe cards to be made more secured.
Such a move would also obviate the necessity for switching over to an EMV chip and pin card regime which has obvious cost implications for the industry. The public consultation period having just been over the recommendations made in the report are being examined internally by the Reserve Bank of India.