One of the most common ways by which people
purchase various products or services in today’s times, the usage of debit
cards is increasingly becoming a popular mode of payment in the country. With
two major service providers in the country; VISA and MasterCard it is easier to
keep an account of the different payments that are made as they are recorded
with each swipe or withdrawal from the bank.
purchase various products or services in today’s times, the usage of debit
cards is increasingly becoming a popular mode of payment in the country. With
two major service providers in the country; VISA and MasterCard it is easier to
keep an account of the different payments that are made as they are recorded
with each swipe or withdrawal from the bank.
Whether it is paying for a meal when going out to a
resteraunt for lunch or dinner or paying for different clothes or shoes when
out shopping there are many different reasons why people can use debit
cards in India. It is very easy to apply for these cards online via the
bank’s website. These cards are known for providing electronic access to one’s
bank account at a particular financial institution.
resteraunt for lunch or dinner or paying for different clothes or shoes when
out shopping there are many different reasons why people can use debit
cards in India. It is very easy to apply for these cards online via the
bank’s website. These cards are known for providing electronic access to one’s
bank account at a particular financial institution.
These cards are known for having gained so much
popularity in certain countries that they have even replaced payments made via
cheques and even cash. These cards are known for permitting instant withdrawal
of money from one’s bank account. These cards are also known to be popular
means of carrying liquid money when travelling as well. Known to be popular
means of making various international payments, many people prefer to carry
their debit cards along with them when they travel overseas.
popularity in certain countries that they have even replaced payments made via
cheques and even cash. These cards are known for permitting instant withdrawal
of money from one’s bank account. These cards are also known to be popular
means of carrying liquid money when travelling as well. Known to be popular
means of making various international payments, many people prefer to carry
their debit cards along with them when they travel overseas.
Recently,
at the end of 2013 in December the Reserve Bank of India (RBI) had added an
additional layer of security, in interest of the safety of customers. Customers
now have to enter their ATM PIN while swiping their card in order to make any
purchase. This has been a step in hope of reducing the fraudulent usage of
cards.
at the end of 2013 in December the Reserve Bank of India (RBI) had added an
additional layer of security, in interest of the safety of customers. Customers
now have to enter their ATM PIN while swiping their card in order to make any
purchase. This has been a step in hope of reducing the fraudulent usage of
cards.
This has
been in accordance with the fact that the RBI had brought about PIN validation on internet transactions almost three years ago; which had also led to
an increased level of customer confidence as well as reducing the number of
frauds that were happening.
been in accordance with the fact that the RBI had brought about PIN validation on internet transactions almost three years ago; which had also led to
an increased level of customer confidence as well as reducing the number of
frauds that were happening.
In fact, the RBI has mandated all of
the card holders to only issue chip-plus-PIN
cards to new customers; replacing the
old cards with these new cards. In this
new step, a combination of EMV chip as well as PIN is the highest level of
security that can be offered for the card. Although this change has been
introduced last year, owing to the high number of car holders across the
country it will be a gradual process to shift the usage completely amongst all
the card-holders.
the card holders to only issue chip-plus-PIN
cards to new customers; replacing the
old cards with these new cards. In this
new step, a combination of EMV chip as well as PIN is the highest level of
security that can be offered for the card. Although this change has been
introduced last year, owing to the high number of car holders across the
country it will be a gradual process to shift the usage completely amongst all
the card-holders.
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Summary: Cashless
transactions are increasingly becoming popular not only in India but across the
world. People prefer making payments for different products or services by
making use of debit cards in India or even by credit cards.
transactions are increasingly becoming popular not only in India but across the
world. People prefer making payments for different products or services by
making use of debit cards in India or even by credit cards.
