Hike in contactless transaction limit to further digital drive

The RBI allowing a higher contactless transaction limit of Rs 5,000 against Rs 2,000 currently will drive digital payments further in the country and shows the central bank’s commitment to promote a less-cash economy, industry players said on Friday. The Reserve Bank at its bi-monthly monetary policy proposed to enhance the contactless card transaction limit from Rs 2,000 to Rs 5,000 from January 1 in order to further the adoption of digital payments in a safe and secure manner.

Source LInk: https://economictimes.indiatimes.com/industry