TNN | Jan 6, 2015, 06.05AM IST
BENGALURU: Former UIDAI chairman Nandan Nilekani said a sub $100 smartphone with an iris-recognition camera would be available in a year or two and that 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.
"As sensors get popular and cheaper, the next generation of smartphones will have iris cameras built into them," Nilekani said.
The VLSI conference discussed at length the emerging internet-of-things (IoT) ecosystem. VLSI or very-large-scale integration is the process of creating an integrated circuit by combining thousands of transistors into a single chip.
Kumud Srinivasan, Intel India president and co-chair of the conference, said that as IoT took off in India, there would be more startup activity and so more potential for investment for funds like Intel Capital.