RBI plans new norms to make e-commerce transactions easier

To make online transactions easier, the Reserve Bank will soon come out with single authentication payment norms for low value e-commerce transactions without any compromise on security.

The criteria to decide on low value transaction will be decided by the norms expected to be released in a month. “We are looking at small payments where we have two-factor authe-ntication. Whether we can create a system where we can avoid the second-factor authentication so that the small transactions can go,” said RBI deputy governor H. R. Khan.

Courtesy: Deccan Chronicle