Reserve Bank of India, RBI, has said that it is working on a system that would allow small value electronic transactions without a second level of verification that is now required for most credit cards transactions. Speaking to reporters in Mumbai Friday, RBI Deputy Governor HR Khan said that currently the bank has a 'tap and go' method wherein the second factor authentication is required. He added that some guidelines will be issued in a couple of months for a certain amount of transaction for which the second factor authentication will not be required.Mr. Khan informed that there are some issues in removing the second-factor authentication and the RBI is in discussions with banks and Nasscom for the same. The Deputy Governor also said that in-store mobile banking, which allows mobile to mobile transfer of money has a huge potential. Mr. Khan said, India is a cash-incentive economy and the objective of the central bank is to move towards a near zero cash society. He added that the RBI is focussing on mobile banking but needs acceptable products that are simple to use and have ease of operations. He said, between 2010 and 2013, there were 26 million mobile transactions which increased to 94 million in 2013-14. Between April and October this year, the total mobile transactions stood at 84 million.