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No need of PIN for transactions below Rs 2000 using NFC cards, says RBI

The Reserve Bank of India (RBI) has eased the norms for payments made using NFC-based or contactless cards and said that transactions below Rs 2,000 will not need a additional factor of authentication. The additional factor of authentication the RBI had earlier mandated was entering a PIN or an one-time password. " Of late, the Reserve Bank has been receiving requests from customers and entities in certain niche segments indicating the need to foster innovative payment products / processes and for enhancing the convenience factor in certain use cases / type of transactions without the need for having the mandatory additional factor of authentication (AFA).  The requests have been examined from the perspective of the trade-off between security and convenience in card transactions and need for relaxation in extant instructions with suitable safeguards to protect customer interest in light of availability of new technologies. One such technology is that of Near Field Communication (NFC) which is used in contactless cards, "  the RBI said in a release. So far only ICICI Bank has rolled out NFC-based cards in the market while the country's largest lender State Bank of India (SBI) has announced its plans for the same. It's worth nothing that way back in 2011, SBI had introduced contactless debit cards that doubled up as travel smart cards, enabling Bangalore commuters to pay for their journeys on the metro with a simple tap. However, the RBI has maintained that two-factor authentication will still be in effect for ATM transactions and card…

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