RBI Eases Authentication Norms For Online Card Payments Up To Rs 2,000
To ease online card payments, the Reserve Bank of India (RBI) on Tuesday (6 December) relaxed the authentication norms for payments up to Rs 2,000. The central bank said in a statement:
To meet the objective of customer convenience with sufficient security for low value transactions, 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 an additional factor of authentication 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.
Only authorised card networks shall provide such payment authentication solutions with participation of card-issuing and -acquiring banks. "Customer consent shall be taken while making this solution available to them," the RBI said.
With inputs from IANS