Limit for Contactless Card Payments Increased from Rs 2000
Reserve Bank of India (RBI) governor, Shaktikanta Das, today said that the limit for contactless card payments has been increased from Rs 2,000 to Rs 5,000 and will be effective from January 1, 2021.
The aim behind adopting the move by RBI is to expand digital payment in a safe and secure manner.
Contactless card payments are well-suited to make payments, especially during the COVID-19 pandemic. This will, however, depend on mandate
and discretion of customers, said Das.
“To further the adoption of digital payments in a safe and secure manner, it is proposed to enhance, at the discretion of the user, the limits for contactless card transactions and e-mandates for recurring transactions through cards (and UPI) from Rs 2,000 to Rs 5,000 from January 1, 2021. Operational instructions will be issued separately," said the Reserve Bank of India in a statement on Developmental and Regulatory Policies.
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