Banks Asked To Issue NFC-enabled Credit And Debit Cards

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    As per a leading business dailies report, the finance ministry in a bid to promote government's Digital India initiative has asked banks to issue NFC or near-field communication debit and credit cards. This is aimed at expanding the usage of payment mode via cards beyond the usual merchant transactions.

    Banks Asked To Issue NFC-enabled Credit And Debit Cards
     

    The ministry in a letter addressed to chief executives of banks said that not only these contactless or NFC enabled cards are secure and convenient to go about doing transactions using digital payments but also promote and push usage of digital mode of transaction in the country.

    The ministry in a circular said, "As and when cards need to be re-carded, then at that stage the new cards being issued can be NFC enabled/contactless and whenever new cards are being issued they could also be NFC enabled/contactless".

    Also the ministry highlighted that these contactless or NFC-enabled cards can ease the work of customers as say in case of mass transportation such as railways, buses or metros wherein customer just by the tapping the card can get the ticket and the amount in lieu of the same will be debited from their bank accounts.

    Such contactless cards are issued by banks that allow customers to tap compatible point of sale terminal as against the need of swiping a card that needs physical contact.

    Goodreturns.in

    Story first published: Saturday, July 21, 2018, 10:49 [IST]
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