New Delhi: If you have not done online or contactless transactions by 16 March 2020 by credit and debit card then this facility will stop. To continue this facility, it is necessary that every debit and credit card must be made online and contactless transactions at least once before March 16. A notification was issued by the Reserve Bank on 15 January regarding this.
What is contactless transaction?
With the help of this technology, the card holder does not need to swipe for the transaction. Point of sale (POS) is paid when the card is attached to the machine. Five contactless transactions can be done in a day. The limit for a transaction is Rs 2000. RFID (Radio Frequency Identification) technology is used in this.
The volume and value of payments from debit and credit cards has increased manifold. In such a situation, continuous steps are being taken to make card transactions secure. There has been a big jump in online transactions especially after demonetisation, due to which the Reserve Bank asked banks to ensure security in card transactions. These facilities are also being started by 16 March.