Banks to Issue Contactless Debit & Credit Cards | July 21


the ministry highlighted that NFC-enabled or contactless cards are not only secure and convenient for digital payments, but push up adoption of digital transactions in the country,

? Cool Title, but what’s the news?

In a step to boost the Digital India programme, the Finance Ministry has asked banks to start issuing near field communication (NFC)-enabled credit and debit cards to their customers, as that would enable the government to expand the use of card payments beyond merchant transactions, the Economic Times reported.

? Okay, but what does it mean?

NFC-enabled cards are issued by banks that allow users to just tap it against a compatible PoS machine instead of having to swipe it, which requires physical contact.

? Why should I care?

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,” read the letter circulated by the ministry.

We bet you can’t wait for your current card to expire, so that you too can experience the future!

Source: Moneycontrol


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Written by

Vedant Kaushik