Sunday, December 13, 2015

SBI's new debit cards to have EMV chip & pin security:-


UdayavaniEnglish.com, Dec 13, 2015,
10:08 AM IST
New Delhi: Country's largest lender SBI
will issue EMV chip and pin based debit
cards to its new customers to ensure
enhanced secure transactions. EMV
chip and pin feature protects against
skimming and card transaction frauds.
"All SBI customers opening accounts
with the bank hence forth will receive
this EMV chip and pin-based debit
cards. Existing customers can also
request for upgrading their card by
visiting their home branch against
payment of nominal fee", the bank said
in a statement.
With this, SBI said, it has become the
first large bank to issue 100 per cent
EMV cards compliant with RBI's
directive on Security and Risk Mitigation
Measures for Card Present and
Electronic Payment Transactions.
The latest offering will allow consumers
to transact securely at Point of Sale
terminals and would contribute towards
making the Indian payment ecosystem
more secure, SBI said.
"Further, EMV cards will make card
based transactions more secure which,
in turn, will give a boost to
electronification of payments in India,"
Manju Agarwal, Deputy Managing
Director, Corporate Strategy and New
Businesses said in the statement.
As per an RBI data, State Bank debit
card has a market share of around
38.41 per cent in terms of total
outstanding debit cards as of August
2015.