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RBI relaxes 2FA norms for transactions up to Rs. 2,000: Everything You Need To Know
Customers opting for this facility will go through a one-time registration process requiring entry of card details and AFA by the issuing bank.
The Reserve Bank of India has today relaxed norms for additional factor of authentication (AFA) for payments up to Rs 2,000. Under the new norm, only authorised card networks will provide such payment authentication solutions with participation of card issuing and acquiring banks.
Here's everything you need to know about the move, which is aimed to boost small value online transactions in the country.
SEE ALSO:Demonetization: Ola and Yes Bank Join Hands to Deliver Cash to the Customers
Simplified process for smaller transactions to go Cashless
As we mentioned, the new move by RBI will boost the small value transactions in the country as citizens will not have to go through the additional process to make a transaction, as long as the sum of money involved is up to Rs. 2,000. This will reduce time and effort and will bring ease and convenience to the use of cards over cash payments.
It's a step to make India a leading digital economy at global scale
Applicable For Card Not Present (CNP) Transactions
As per RBI, the relaxation for AFA under such solutions shall be applicable for card not present transactions for a maximum value of Rs 2,000 per transaction across all merchant categories. Banks and card networks are free to facilitate their customers to set lower per transaction limits.
One-Time Registration Process
Customers opting for this facility will go through a one-time registration process requiring entry of card details and AFA by the issuing bank. Post registration, customers will not be required to re-enter the card details for every transaction at merchant locations that offer this solution and thereby save time and effort.
Scheme limited to Authorized card Networks
RBI made it clear that only authorised card networks should provide these payment authentication solutions with participation of card issuing and acquiring banks. Mastercard has a payment authentication solution in form of MasterPass while Visa has a similar offering via Visa Checkout.
What about Security?
Two- Factor Authentication offers secure transactions and under the new scheme,banks and authorised card networks offering the new solution will bear the full liability in the event of any security breach or compromise in the authorised card network.
Therefore, banks are told to educate their customers about the use of their respective payment authentication solutions, risks involved and reporting complaints through multiple channels.
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