State Bank of India (SBI) has completed migration of its debit cards issuance to the EMV standard to enhance security of transactions.
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The current move will enable consumers to carry out transactions securely at point of sale terminals.
Customers opening new accounts with the bank will now receive the new chip and pin-enabled debit cards while existing customers can upgrade their card by paying a nominal fee.
SBI deputy managing director, corporate strategy and new businesses, Manju Agarwal said: "Further, EMV cards will make card based transactions more secure which, in turn, will give a boost to electronification of payments in India."
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