The Finance Ministry has asked the banks to start issuing near field communication (NFC)-enabled credit and debit cards to their customers as it will help customers to use cards beyond merchant transactions.
The Finance Ministry has asked the banks to start issuing near field communication (NFC)-enabled credit and debit cards to their customers as it will help customers to use cards beyond merchant transactions. According to a report in the Economic Times, in a letter to the chief executives of banks, the finance ministry said that the banks should start providing NFC-enabled credit and debit cards as it is the next generation of innovation in plastic money and offers better security and convenience while conducting digital transactions.
“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.
NFC-enabled or contactless credit and debit cards are issued by banks that allow users to tap compatible PoS machines instead of having to swipe a card which requires physical contact with the machine.
Meanwhile, it's been reported that the Modi government on Friday hinted that around 74 per cent public banks ATMs could be at fraud risk as they are still running on outdated software. The statement on state-run banks came in response to a query in the Parliament on ATMs running on software that was outdated or unsupported. The development came at a point when several ATM fraud incidents have been reported in different parts of the country.
Earlier, the Reserve Bank of India has pulled up banks for not upgrading the ATMs with advance operating systems having the latest security features. The central bank has asked banks to upgrade the operating systems and beef up security features in Automated Teller Machine (ATM) machines with immediate effect to prevent frauds.
Banks have to complete upgrades with the latest operating systems by June 2019.
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 "Govt asks banks to issue near field communication-enabled credit, debit cards: Here's what it means")
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