Payments News


Visa And Mastercard Urge RBI Nod On Relaxation On Tap And Go Contactless Payment Limit

“American financial services, Visa and Mastercard, along with the Payment Council of India (PCI), have sought the Reserve Bank of India’s nod on relaxation on ‘tap-and-go’ contactless payment limit through debit and credit cards allowed without a PIN from current Rs 2000 to Rs 5000.  Currently, a person can make contactless payments worth Rs 2000 through the ‘tap-and-go’ feature, any transaction above that would require a PIN number. In the wake of Covid-19, financial services want the limit to be relaxed to Rs 5,000. This relaxation would make card payments safer for both the customers and the merchants. It would eliminate the requirement of handing over cards at payment terminals and avoid touching the swipe machine to enter the PIN for a larger base of transactions.”