Banks push 'touch and pay' card play

Banks, which dominate the payment card space, are making big bets on contactless cards even as they wait to see acceptance of mobile wallets in face-to-face transactions. This follows RBI's decision to allow transactions of up to Rs 2,000 without a PIN or a signature for contactless cards, which use the near field communication (NFC) technology. The RBI move will make transactions with "tap and pay" cards much faster than cash payments.