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State Bank of India on Saturday announced complete migration of its new Debit cards issuance to secure EMV (Europay, MasterCard, Visa) Chip and Pin based cards.
With this, SBI, in a statement, claimed that it has become the first large bank to issue 100 per cent EMV Cards compliant with RBI’s August 2015 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, the statement added.
All customers opening accounts with India's largest 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 (based on Card variant).
As per data published by RBI, for the period up to Aug 2015, State Bank Debit Card commands a market share of around 38.41 per cent in terms of total Outstanding Debit Cards.
Manju Agarwal, Deputy Managing Director, Corporate Strategy and New Businesses, SBI said, “SBI has always been extremely cautious on the security aspect of the digital / electronic transactions....Further, EMV Cards will make card based transactions more secure which, in turn, will give a boost to electronification of payments in India...."
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