RBI relaxes second factor authentication for contactless cards upto Rs 2,000

Beyond this transaction limit, the card has to be processed as a contact payment and authentication with PIN will be mandatory

Reserve Bank of India (RBI) today relaxed the additional second factor of authentication for small value card present transactions. RBI said that this additional authentication would not be required for up to Rs 2,000 per transaction for small value card present transactions only using contact-less cards. The banking regulator has said that it has received requests for waiver of requirement of the additional factor of authentication (AFA) to foster innovative payment products as also enhance the convenience factor in certain types of card transactions. It said that the limit of Rs 2,000 ...