MUMBAI: 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% 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% in terms of total outstanding debit cards as of August 2015.