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No more OTP requirement for online payments up to Rs 2,000!

Updated on: 09 Aug, 2023 11:34 AM

The Reserve Bank of India has eased rules that require a two-step authentication process while making online payments up to ?2,000 for cardholders.

So now, if you have to make an online payment up to Rs 2,000, you won't need to go through the process of One-Time Passwords ( OTP ) thereby saving time and effort.

In this model, the card issuing banks will offer the payment authentication solutions of the respective card networks to their customers on an optional basis. Customers opting for this facility will go through a one-time registration process requiring entry of card details, etc. by the issuing bank.

Thereafter, the registered customers will not be required to re-enter the card details for every transaction at merchant locations that offer this solution.

CA Abhishek Soni
CA Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.