Adoption of Passwordless Banking: Understanding Consumer Behaviour

Abstract

Ever since digitalisation took the fore-front in the developmental process of India, it has become increasingly evident that technology is the future that will replace most of the mundane tasks performed by us. The banking sector poses as a prime example of this transformation. With the shift from in-person banking practices to digitalised payments through unified payments interface (UPI), India has grown to become a digital-transaction oriented nation. The rise of digital transactions has posed a serious threat to the current generation- Authentication. Authentication and verification of one’s identity to perform digital banking practices still to date rely on password-authorised access. As time flows this has proven to be tedious to remember and more prone to phishing and hacking. A Viksit Bharat envisions a change towards a Passwordless banking approach providing a more secure and hack-free platform for consumers. This paper aims to understand the concept of Passwordless banking and analyse the consumer behaviour with regards to Passwordless banking and security concerns.