After properly upgrading banks and payment service providers, customers can avoid pushing their credit and debit cards in stores enabled with contactless point-of-sale outlets, even with purchases that exceed the current limit of Rs 2,000.
Tap-and-go card payments for purchases over $ 2,000 require two-factor authentication, and customers must enter a PIN to process the transaction.
“Card-current (CP) transactions with EMV chip and PIN card can be processed in contactless mode, regardless of transaction value,” RBI said in an email to the country’s three card networks. “However, the transactions with values over Rs 2,000 must be approved with the PIN.”
ONE You have reviewed a copy of the email dated April 27 sent to Visa, Mastercard and National Payments Corporation of India.
Tap-and-go transactions are enabled by radio frequency identification technology and do not require physical contact with a payment terminal.
Customers can still trade in traditional funds by swiping their cards where available, the central bank repeated in the letter.
“It is now up to banks and payers to implement the changes in infrastructure,” said an official who was aware of the case. “The necessary system changes are not too complicated. Card issuers, merchants and consumers need to be prepared. It should be a matter of three months if all goes well. ”
NPCI has advised customers to make more contactless payments. For Mastercard, such transactions increased by 40% in the first quarter of the year, CEO Ajay Banga told reporters at a news release Wednesday. Visa has piloted projects to bring the technology to smartphone devices in India and abroad.
In addition, companies such as Samsung, Apple, Pine Labs and Worldline have tried to bring PoS devices and virtual debit card features to smartphones.
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