No two Factor #Authentication (2FA), mostly no PIN entry, on Card Present transactions and the limit defined by RBI is Rs. 2000. Though this is a great initiative but there are risks especially when the awareness on Digital #Payment is so low.
May I suggest to #Banks that if they can give me an option within my mobile application to set lower limits for Tap and Pay, I think I will use my card for Tap and Pay too often.
I should be able to set up the limit to as low as Rs. 5 and upto Rs. 2000 as defined by RBI, I believe usage should go up, and it will be a better option to pay than using pin. This shall work for all the sections of customers who use bank mobile applications.
What do you think?
#MorePowerToConsumer, #FinTech, #FinTech for Small Value Transactions (SVT).