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<ul><li>The Reserve Bank of India has hiked the limit for <keyword id="2510649" type="PERSON" weightage="20" keywordseo="contactless-payments">contactless payments</keyword> from ₹2,000 to ₹5,000. </li><li>The new limit will be effective from January 1, 2021. </li><li>Users will be able to customize their limit up to ₹5,000, and if they want to, they can also disable it altogether. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>The Reserve Bank of India has hiked the limit for contactless payments from ₹2,000 to ₹5,000, making it easier to quickly make purchases by tapping debit and credit cards at merchant outlets. The new limit was revealed by RBI Governor Shaktikanta Das during the announcement of decisions made by the Monetary Policy Committee. The new limit of ₹5,000 will be effective from January 1, 2021. However, as is the case right now, the new limit will be at the discretion of the user. Users can customize their limits up to ₹5,000, or altogether <keyword id="10377490" type="UNKNOWN" weightage="20" keywordseo="disable-contactless-payments">disable contactless payments</keyword>. What are contactless payments? As the name signifies, contactless payments enable you to make payments at payment terminals without swiping your debit or credit card. You don’t have to enter your PIN either. To make contactless payments, all you have to do is wave the card near the contactless point on the payment terminal. The authentication is done via Near Field Communication (NFC) technology and once authorised, the payment is made. The limit enhancement of contactless payments comes at a time when Visa and MasterCard – the two largest payment processing networks in the world – have been promoting contactless payments as one of the ways to avoid contact during the coronavirus pandemic. The RBI has also announced that the Real Time Gross Settlement (RTGS) system will go live 24x7 in the next few days. RTGS is usually meant for making high-value payments. The minimum limit is ₹2 lakh and there is no maximum cap. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/rbi-governor-shaktikanta-das-believes-that-inflation-is-likely-to-remain-elevated-in-the-winter-months/articleshow/79559454.cms">RBI sees 7.5% GDP contraction for FY21 but expects inflation to remain elevated till March</a> <a href="https://www.businessinsider.in/stock-market/news/top-stock-movers-ril-airtel-spicejet-indigo-vodafone-idea-ncc-tata-power-and-others/articleshow/79560584.cms">Sensex hits 45,000 and Nifty scales fresh high as RBI revises growth outlook — these are the top movers in trade</a> <a href="https://www.businessinsider.in/business/telecom/news/airtel-added-3-77-million-and-jio-added-1-46-million-new-subscribers-in-september-month/articleshow/79558962.cms">Airtel records 3.8 million new subscribers in September – more than twice that of Reliance Jio’s additions</a>

RBI hikes limit for contactless card payments from ₹2,000 to ₹5,000

Mumbai, In a business friendly move, the Reserve Bank of India on Friday said that the Real Time Gross Settlement (<keyword id="6356014" type="ORGANIZATION" weightage="20" keywordseo="rtgs">RTGS</keyword>) system, used for large value transactions, will be made available round-the-clock in the next few days. In December 2019, the National Electronic Funds Transfer (NEFT) system was made available on a 24x7x365 basis. Currently, RTGS is available for customers from 7.00 am to 6.00 pm on all working days of a week, except second and fourth Saturdays of every month. <keyword id="7268643" type="UNKNOWN" weightage="20" keywordseo="rbi-governor-shaktikanta-das">RBI Governor Shaktikanta Das</keyword> said RTGS system will soon be made available 24x7 in the next few days... with this enablement, it is proposed to reduce settlement and default risk in the system by facilitating settlement of AePS, IMPS, NETC, NFS, RuPay, UPI transactions on all days of the week instead of five days earlier." This will make the payment ecosystem more efficient, he added. In order to expand adoption of digital payment in a safe and secure manner, he said, it has been decided to enhance the limits for contactless card transactions and e-mandates for recurring transactions through cards and UPI from ₹2,000 to ₹5,000 from January 1, 2021. This will depend on mandate and discretion of customers, he said. Contactless card transactions and e-mandates on cards (and UPI) for recurring transactions have enhanced customer convenience in general while benefitting from increased use of technology, the statement on <keyword id="10377821" type="COMPANY" weightage="20" keywordseo="developmental-and-regulatory-policies">Developmental and Regulatory Policies</keyword> by the Reserve Bank of India (RBI) said. These are also well-suited to make payments in a safe and secure manner, especially during the current pandemic, it said, adding, the recent instructions on disablement of contactless feature on cards and empowering customers to control the limits on their cards have also brought in added safety for users. Operational instructions will be issued separately. It is to be noted that RBI stopped levying charges on transactions through NEFT and RTGS from July 2019, with an aim to promote digital transactions in the country. RTGS is meant for large-value instantaneous fund transfers, while NEFT is used for fund transfers of up to ₹2 lakh. In order to deepen financial inclusion and protect customers by promoting financial literacy, a community led participatory approach through Centres for Financial Literacy (CFL) was implemented by the RBI through select banks and non-governmental organisations as a pilot project in 2017. It is now proposed to expand the reach of the CFLs from 100 blocks currently to every block in the country in a phased manner by March 2024, he said. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-ril-airtel-indigo-spicejet-sbi-bank-of-baroda-vodafone-idea-granules-india-and-others/articleshow/79557810.cms">Top stocks to watch — RIL, Airtel, IndiGo, SpiceJet, SBI, Bank of Baroda, Vodafone-Idea, Granules India, and others</a> <a href="https://www.businessinsider.in/business/corporates/news/ultratech-cements-5477-crore-expansion-plan-is-a-sign-that-birla-is-betting-on-a-faster-economic-recovery/articleshow/79549626.cms">UltraTech Cement's ₹5,477 crore expansion plan is a sign that Birla is betting on a faster economic recovery</a> <a href="https://www.businessinsider.in/tech/news/sbis-mobile-banking-app-is-down-for-the-third-time-in-last-30-days/articleshow/79548953.cms">SBI’s mobile banking app is down for the third time in 30 days — digital services take a hit for the 25th time this year</a>

RTGS fund transfer system will be available 24x7 in the next few days, says RBI

<ul class="summary-list"><li><keyword id="6354427" type="ORGANIZATION" weightage="60" keywordseo="apple">Apple</keyword> will face two competition probes from the <keyword id="6355123" type="LOCATION" weightage="60" keywordseo="eu">EU</keyword>'s competition watchdog.</li><li>The first will focus on Apple's terms and conditions for its payment system <keyword id="2510330" type="PERSON" weightage="60" keywordseo="Apple-Pay">Apple Pay</keyword>, the European Commission announced Tuesday.</li><li>The second will focus on the levy Apple imposes on in-app purchases through its <keyword id="115504" type="ORGANIZATION" weightage="60" keywordseo="App-Store">App Store</keyword>.</li><li>Apple hit back saying claims it abuses its market position are "baseless" and come from "a handful of companies who simply want a free ride."</li></ul>Apple faces two competition probes from Europe's competition watchdog.The European Commission announced the two investigations on Tuesday, with the first set to examine the terms and conditions Apple places on its payment system Apple Pay. The second will look at how Apple runs its App Store, specifically how the mandatory levy Apple places on some in-app purchases.While the probes may last for years, Apple faces a multibillion-dollar fine on each if found guilty. The Commission can fine Apple up to 10% of its annual revenue and force it to make changes to its business.<h2>Europe's competition probe into Apple Pay will look at how fair its terms and conditions are</h2>The European Commission will be investigating three elements of Apple Pay's business, according to its <a href="https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1075">press release</a>:<ul><li>Apple's terms and conditions for integrating Apple Pay in merchant apps and websites on iPhones and iPads.</li><li>Apple's limitation of access to its NFC "tap and go" functionality on iPhones for payments in stores. Competition commissioner Magrethe Vestager said in a statement that Apple restricts "tap and go" to Apple Pay, suggesting this restriction is at the crux of the investigation.</li><li>Alleged refusals of access to Apple Pay, although the Commission gave no details on where these allegations come from.</li></ul>"Mobile payment solutions are rapidly gaining acceptance among users of mobile devices, facilitating payments both online and in physical stores. This growth is accelerated by the coronavirus crisis, with increasing online payments and contactless payments in stores," competition chief Margrethe Vestager said in a statement."It is important that Apple's measures do not deny consumers the benefits of new payment technologies, including better choice, quality, innovation and competitive prices. I have therefore decided to take a close look at Apple's practices regarding Apple Pay and their impact on competition."<h2>The second investigation is a big step forward for smaller Apple competitors</h2>The <a href="https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1073">second investigation</a> centers on the rules Apple sets for developers using its App Store, specifically a mandatory levy Apple places on some in-app purchases.Although developers can place their apps on the App Store for free, Apple takes a 30% comission on certain purchases made within those apps once a user has downloaded them. Specfically, the levy applies to content such as subscriptions, virtual items, shows, and books.The commission said this investigation was set in motion by <a href="https://www.businessinsider.com/spotify-eu-antitrust-complaint-against-apple-2019-3?r=US&amp;IR=TIR=T">a complaint from music-streaming giant Spotify last year</a> and by a complaint from an e-book distributor. Although it does not name the e-book distributor, <a href="https://www.ft.com/content/9c847838-ca25-43cf-a962-0d3588d8d34d">The Financial Times</a> reported earlier today that Rakuten-owned ebook service Kobo <a href="https://www.businessinsider.com/apple-faces-second-eu-antitrust-complaint-rakuten-2020-6?r=US&amp;IR=TIR=T">filed a similar complaint against Apple in March of this year</a>.<div type="image" title="Margrethe Vestager" height="1306" width="1741" msid="76404941" hostid="261"></div>The two companies complain that Apple essentially forces its competitors to inflate prices for consumers in order to afford the levy on in-app purchases. Alternatively, they say they must disable in-app purchases altogether. Apple does not have to pay an equivalent tax for subscriptions to its own music streaming service Apple Music, or ebook purchases via Apple Books."It appears that Apple obtained a 'gatekeeper' role when it comes to the distribution of apps and content to users of Apple's popular devices," said Vestager. "We need to ensure that Apple's rules do not distort competition in markets where Apple is competing with other app developers, for example with its music streaming service Apple Music or with Apple Books. I have therefore decided to take a close look at Apple's App Store rules and their compliance with EU competition rules."<keyword id="685487" type="COMPANY" weightage="60" keywordseo="Spotify">Spotify</keyword> said in a statement: "Today is a good day for consumers, Spotify and other app developers across Europe and around the world. Apple's anticompetitive behavior has intentionally disadvantaged competitors, created an unlevel playing field, and deprived consumers of meaningful choice for far too long."We welcome the European Commission's decision to formally investigate Apple, and hope they'll act with urgency to ensure fair competition on the iOS platform for all participants in the digital economy."<h2>Apple shot back against the "baseless" claims</h2>In a statement sent to Business Insider, an Apple spokesman said the company was disappointed the European Commission chose to launch the two investigations."It's disappointing the European Commission is advancing baseless complaints from a handful of companies who simply want a free ride, and don't want to play by the same rules as everyone else. We don't think that's right — we want to maintain a level playing field where anyone with determination and a great idea can succeed," he said."At the end of the day, our goal is simple: for our customers to have access to the best app or service of their choice, in a safe and secure environment. We welcome the opportunity to show the European Commission all we've done to make that goal a reality," Apple's spokesman added.This isn't the first time Apple has run up against Vestager. The company <a href="https://www.businessinsider.com/apple-has-been-fined-by-the-eu-2016-8?r=UK">was ordered to pay $14.4 billion</a> in back taxes to Ireland after a ruling in 2016 determined it had avoided paying the correct amount of tax.

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RBI hikes limit for contactless card payments from ₹2,000 to ₹5,000

Rounak Jain

RTGS fund transfer system will be available 24x7 in the next few days, says RBI

PTI

Apple just got hit with 2 EU antitrust probes into the App Store and Apple Pay

Isobel Asher Hamilton

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