comscore RBI relaxes two-factor authentication norms for online card transactions up to Rs 2,000
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RBI relaxes two-factor authentication norms for online card transactions up to Rs 2,000

Authorized card networks will provide payment authentication solutions with participation of card issuing and acquiring banks.

  • Published: December 7, 2016 9:14 AM IST

In a bid to speed up small value online transactions, the RBI relaxed norms for additional factor of authentication (AFA) for payments up to Rs 2,000. Relaxing the norms for AFA requirement for transactions up to Rs 2,000 for online CNP (card not present) transactions, the RBI said only authorized card networks will provide such payment authentication solutions with participation of card issuing and acquiring banks. “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,” RBI said. Also Read - India may soon announce its own ‘Atmanirbhar’ app store as alternative to Google, Apple

Also Read - WhatsApp not authorized to go live with UPI full scale operations, RBI tells Supreme Court

In this model, the card issuing banks will offer the payment authentication solutions of the respective card networks to their customers on an optional basis. Customers opting for this facility will go through a one-time registration process requiring entry of card details and AFA by the issuing bank. “Thereafter, the registered 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,” it said. The card details already registered would be the first factor while the credentials used to login to the solution would be the additional factor of authentication. Also Read - Uber cab service resumed in 31 cities in India with new Lockdown 4.0 guidelines

RBI further said “suitable velocity checks (how many such small value transactions will be allowed in a day/week/month may be put in place by banks/card networks as considered appropriate.” In the interest of customer awareness and protection, RBI said the banks and authorized card networks offering such solutions will bear the full liability in the event of any security breach or compromise in the authorized card network. ALSO READ: Demonetization effect: RBI doubles the limit on digital wallets to Rs 20,000 per month

Welcoming the move, Uber India said it is a step in the right direction. “This waiver is a big leap in the right direction to bring ease and convenience to the use of cards over cash and will strengthen the foundation for India to become a leading digital economy,” said Amit Jain, President, Uber India.

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  • Published Date: December 7, 2016 9:14 AM IST



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