India’s largest lender, State Bank of India (SBI) has launched contact-less credit and debit cards sbiINTOUCH. sbiINTOUCH is based upon latest near-field technology (NFC) that enables customer to transact using the card by just tapping or waving it against the reader of the point-of-sale machine Cards incorporated with NFC technology are secure and hassle-free. SBI is also proving a fraud liability cover of 1 lakh rupees on these cards. With this, SBI has joined league of private lenders like ICICI Bank and HDFC Bank. It should be noted that ICICI bank was first to introduce contact-less credit and debit cards in India.
RBI rules on contact-less credit and debit cards Presently,
Reserve Bank of India (RBI) allows banks to enable transactions in case of contactless cards up to Rs. 2,000 without the requiring a separate PIN authentication.
But incase of amounts higher, banks should provide customers with an option of contact payment and pin authentication requirement.