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Just wait for the relapse of all-new ‘SMART CARDS”!
Posted on: 08/May/2014 3:14:34 PM
Just register your fingerprints by pressing your finger on the smart card! No need to go to the ATMs!
All of us are well aware of the large scale of frauds, cheating & misuse of our credit cards & debit cards.
The Reserve Bank of India is introducing a plan to all these malpractices.
This is based on cash withdrawal from pre-paid cards. The most important feature is that the card owner must have to register his fingerprints. The operating method using fingerprints is known as ‘biometric’. RBI has recommended biometric operation to be introduced in all credit cards.
However, the banks have 2 reasons against this. First, registering the fingerprint takes 20 seconds minimum. Second, it might not be possible to install machined with this facility all across the country.
Some private agencies render the service of effecting on-line payment by pre-paid cards or ‘e-wallet’ cards. They were also interested in making the cards to enable cash withdrawals. RBI was against this.
In this scenario, RBI has decided to recommend introduction of ‘biometric’ cards enabling cash withdrawals.
This procedure will bring down the credit cards frauds by a great extent. However, if this system is introduced, all the prevailing credit cards/other cards & all ATMs will be rendered useless!
Presently, some companies including Airtel are operating by issuing prepaid or e-wallet cards. These companies might be given the commercial licence to release the new smart cards.
Release of these cards would mean that there would ne no need to go to ATMs. Even the various shops can get the payment just by registering the fingerprints.
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