The contactless technology works only when the card is waved at a range of 4 cms and currently requires a pin for every transaction
The Reserve Bank of India (RBI) on Thursday relaxed requirement of additional factor of authentication for small value 'card present' transactions where near-field communication (NFC) technology is used. Such cards enable users to make payments by waving or tapping the card near the contactless reader.
The contactless technology works only when the card is waved at a range of 4 cms and currently requires a pin for every transaction.
In recent past, RBI has received requests for waiver of the requirement of AFA so as to foster innovative payment processes as also enhance the convenience factor in certain types of card transactions. After examining the comments received on a draft circular outlining the relaxation, RBI on Thursday said it has decided to relax the norms.
The contactless technology works only when the card is waved at a range of 4 cms and currently requires a pin for every transaction.
In recent past, RBI has received requests for waiver of the requirement of AFA so as to foster innovative payment processes as also enhance the convenience factor in certain types of card transactions. After examining the comments received on a draft circular outlining the relaxation, RBI on Thursday said it has decided to relax the norms.
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