Mumbai: If you are application earlier magnetic-stripe based Debit or Credit Cards, you charge alter them as anon as accessible as all the earlier cards will become abortive afterwards December 31, 2018.
According to RBI sources, the banks accept been asked to affair new Europay, Mastercard, Visa (EMV) dent based cards to abstain cloning which has been aggressive in earlier alluring stripe-based cards.
The banks accept additionally been asked to acquaint the annual holders and agenda users advanced so that they alter their earlier cards with the new EMV dent based Credit and Debit cards afore December 31. Accordingly, agenda users are actuality beatific SMS and e-mails in this attention by the banks they accept operating accounts with.
Account holders should additionally agenda that backup of the absolute Debit and Credit cards with the new EMV chip-based cards is free.
The EMV chip-based Debit and Credit cards were aboriginal alien in January 2016. The Reserve Bank of India had fabricated it compuslory for all banks to affair alone EMV chip-based cards to annual holders applying for new Debit or Credit cards afterwards 31 January 2016.
Along with calm banks, the Reserve Bank of India (RBI) charge is applicative for the all-embracing Debit and Credit cards users as well.
EMV Chip-based cards, additionally accepted as dent and PIN cards, are added defended than the magnetic-stripe cards. The acute abstracts in EMV cards is stored in a chip, due to which it makes it difficult for fraudsters to carbon the card. Moreover, advice in the dent is encrypted, which provides added akin of security.
Furthermore, the EMV dent based Debit and Credit cards crave a little change in addiction for commutual transaction, abnormally through a Point of Sale (PoS) machine. Transaction through a PoS accessory can be done application the alluring band cards aloof by annexation it while transaction application new chip-based cards will additionally ask for PIN (Personal Identification Number) to accord an added akin of aegis to the users.
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