Regulatory Alerts2023-02-01
Added
PSD Circular No. 01: Providing permission for Card-Based transaction through Contactless payment service by using NFC technology
Bangladesh Bank relaxes the requirement for PIN or two-factor authentication (2FA) for single contactless transactions of up to BDT 5,000 using Near Field Communication (NFC) technology on EMVco-compliant debit, credit, and prepaid cards. For transactions exceeding BDT 5,000, customers must provide their PIN or 2FA at the Point of Sale (POS), and all transactions must trigger instant SMS notifications to the customer. Issuers may set their own limits on single transaction amounts and daily transaction counts based on risk assessment, while explicitly prohibiting contactless transactions without prior customer consent and excluding these relaxations from ATM and Card Not Present (CNP) transactions. This circular also repeals specific provisions from previous PSD Circulars No. 03/2018, No. 04/2021, and Letter No. 01/2022.