RBI Enables Contact-Less Payments For Cards

Payments above Rs 2,000 would require pin.

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New Delhi: The Reserve Bank of India (RBI) on Friday asked card companies to enable contact-less payment options for all transactions in a bid to make them safer amid the coronavirus crisis.

The option will be available for transactions above Rs 2,000 but would require entering the pin.

Tap-and-go transactions work with radio frequency technology and do not require physical contact with the card swipe machine.

The whole process of migration to the new system might take 3 months for some banks, a RBI official told ET Tech.

Also Read: New Debit & Credit Cards Rules In India

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