The limit for contactless card transactions to Rs 5,000 from January 1
By MYBRANDBOOK
The increase of the limit on contactless card payments from Rs 2,000 to Rs 5000 is a positive and progressive decision by the RBI. Contactless card transactions and e-mandates on cards (and UPI) for recurring transactions have enhanced customer convenience in general while benefitting from increased use of technology.
These are also well-suited to make payments in a safe and secure manner, especially during the current pandemic. This announcement will add to the customer convenience, especially, during the prevailing conditions and further boost the digital payments ecosystem in India.
In order to expand 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," Reserve Bank of India Governor Shaktikanta Das said in the monetary policy statement on Friday.
This covers contactless and recurring payments through debit and credit cards, prepaid instruments, wallets, and the Unified Payments Interface. "The increased limit will also help to boost the average value of transaction and push the adoption of digital payments," said Dilip Asbe, managing director and chief executive at the National Payments Corporation of India.
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