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Second-factor authentication not needed for small transactions: RBI

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RBIThe Reserve Bank of India reportedly said that banks can allow contactless card transactions upto Rs 2,000 without PIN authentication.

According to the central bank, lenders should give customers the choice to set a limit lower than Rs 2,000 per transaction.

State Bank of India has also launched SBI in Touch cards – contactless credit and debit cards using latest near field technology (NFC).

The NFC technology enables users to make payments by waving or tapping the card near the contactless reader instead of swiping or dipping it.

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