As you must be aware that the Reserve Bank of India (RBI) issued a notification yesterday for an alternate solution for relaxations on the additional factor authentication (AFA) for low-value online card transactions. Customers can now opt out of the process of two-factor authentication (or TFA) for online card transactions involving payments up to Rs 2,000 across all merchant categories. However, banks and card networks are free to facilitate their customers setting lower per-transaction limits. In the new model, the card-issuing banks will offer the “payment authentication solutions” of the respective card networks to their customers on an optional basis.
Commenting on RBI notification,Mrinal Sinha, Chief Operating Officer, MobiKwik says, “In India, number of bank card holders and users differ significantly and this step will help close this gap. This will further boost online payments and card acceptance infrastructure. In the past few weeks, we have seen a surge in usage of many digital payment platforms, be it wallets, cards or netbanking. Zaakpay, our payment gateway has observed a substantial jump in card payments too.”
"Government of India's commitment towards achieving a cashless economy is visible in such steps that further promote digital payments. These are remarkable times for the payments industry in India and we are working towards supporting the government in every way possible. MobiKwik is also conducting awareness camps under a self driven 'Cashless Bharat Abhiyaan', where the team hosts a session on digital payments, educating masses about UPI, USSD, cards and wallets," he further added.
Reserve Bank of India (RBI), Online Card Transaction ,RBI Notification, Cashless transaction, IT News, Technology News, Digital Terminal.
