RBI Seeks Comments on Draft Circular for Card Payments Removal of requirement of Additional Factor of Authentication for small value card present transactions
March, 17th 2015
The Reserve Bank of India has today placed on its website the Draft Circular for Card Payments - Removal of requirement of Additional Factor of Authentication for small value card present transactions, for feedback. Comments may be emailed or sent by post to the Chief General Manager, Department of Payment and Settlement Systems, Reserve Bank of India, Central Office, 14th Floor, Shahid Bhagat Singh Marg, Mumbai-400001 on or before April 04, 2015.
The Reserve Bank of India has been receiving requests from customers and entities in certain niche segments indicating the need to foster innovative payment products / processes and for enhancing the convenience factor in certain use cases / type of transactions without the need for having the mandatory additional factor of authentication (AFA).
Based on discussion with various stakeholders the concerned draft circular indicating the additional factor of authentication (AFA) relaxation for small value card present transactions only for contact-less card payments using NFC technology is being put up on the site for public comments.