RBI working to remove 2-step security for small online transactions

Mumbai: The Reserve Bank of India is working on a system that would allow small value electronic transactions without a second level of verification that is now required for most transactions involving domestic credit cards, Deputy Governor H.R. Khan said on Friday.

Mr Khan said the central bank was likely to come up with a structure in two months while speaking to reporters on the sidelines of an event.

India's central bank currently requires online transactions undergo a two-step verification process.

Global e-commerce companies such as Uber Technologies Inc had sought to avoid the two-step process by routing online payments through an offshore server.