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Industry hails RBI's accommodative stance
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SME Times News Bureau | 04 Dec, 2020
The payments industry on Friday
welcomed the Reserve Bank of India's move to hike the limit of
contactless card transaction from Rs 2,000 to Rs 5,000.
The
announcement by Reserve Bank of India Governor Shaktikanta Das comes at a
time when contactless payments have gained traction amid the pandemic.
The new limit will be effective from January 1, 2021 and will be at the discretion of the user. "We
welcome the RBI's announcement to enhance limits for contactless card
transactions and e-mandates. Since Visa launched its contactless cards
in India over five years ago, consumers have continued to prefer
contactless cards for their small ticket, daily use purchases," T R
Ramachandran, Group Country Manager, India & South Asia, Visa, said
in a statement.
"As evident in recent months, there is strong
consumer preference for digital payments and the new enhanced limits for
e-mandates and contactless cards will help transition millions of
Indian consumers from cash to fast, convenient and secure forms of
digital payments," Ramachandran said.
Visa also welcomed RBI's
plans to pursue a uniform security framework for digital payment
channels in the county via the proposed Digital Payment Security
Controls Directions.
In a virtual press conference after the
monetary policy meet, the RBI Governor said that all banks and other
financial institutions should invest more on their IT systems and
technology.
"At Mswipe, contactless payments have spiralled from
13 per cent of total transactions in January 2020 to 30 per cent of
total transactions in November 2020," said Manish Patel, Founder and
CEO, Mswipe.
Mswipe provides a wide range of digital payment
solutions for SMEs in India including UPI QR, NFC based Tap and Pay, POS
and Payment Link.
The social distancing measures adopted to
avoid contracting the virus gave the initial push for contactless
transactions in India.
"The convenience and quickness that
contactless payments bring to end consumer and merchants during check
out stage was the real driving factor that saw continuous growth in
contactless payments, especially QR month on month this year," Patel
said.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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84.35
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82.60 |
UK Pound
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106.35
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102.90 |
Euro
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91.00
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87.90 |
Japanese
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54.30 |
52.70 |
As on 16 Aug, 2024 |
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