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The Reserve Bank of India had extended the scope of 'tokenisation' card payment services to several consumer devices including laptops, desktops, wearables like wrist watches, bands and Internet of Things (IoT), in addition to mobile phones and tablets.
The Reserve Bank of India (RBI) has, over the past decade, put in place various safety and security measures for card payments, including the requirement of AFA, especially for 'card-not-present' transactions.
Get latest articles and stories on Latest News at LatestLY. The Reserve Bank on Thursday raised the Additional Factor of Authentication (AFA) limit from Rs 5,000 to Rs 15,000 per transaction for e-mandates on cards, Prepaid Payment Instruments (PPIs) and UPI for recurring transactions. Latest News | RBI Raises Limit of E-mandates for Transactions Up to Rs 15,000.
RBI triples limit for e-mandate
The framework for processing of e-mandate based recurring payments was introduced by the RBI, keeping in mind the benefits of convenience, safety and security to the users.