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Now, you can make payments up to ₹2,000 using NFC (near field communication) enabled credit and debit cards without punching the password at any retail outlet or while shopping online.
This is possible because the Reserve Bank of India has waived the second or the additional factor of authentication (AFA) for small value transactions.
NFC-technology allows users to simply tap their cards onto a point-of-sales equipment to make payments. Unlike existing credit cards there is no need for swiping.
This will make life easier for consumers shopping online by enabling them to skip the process of typing an additional password. SBI, however, wants the RBI to increase the limit to ₹5,000.“We have asked the RBI to increase the limit of maximum value per transaction to ₹5,000 to enable more small value transactions using contactless method,” said Arundhati Bhattacharya, Chairman and Managing Director, SBI.
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Published on May 14, 2015
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