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New chip based debit and credit cards instead of magnetic strip cards
Posted on: 07/Sep/2013 8:52:20 AM
As a step to meet the Reserve Bank of India’s deadline, many banks have started introducing chip based cards that will replace the magnetic strip cards (debit and credit) that are currently in use. The RBI has issued guidelines for the issue of such chip based cards. According to these guidelines, customers who have already used their debit or credit card at any international sales point should be issued with the latest chip based cards.
These cards are of higher safety and are expected to help the customers from fake users and frauds.
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