State Bank of India Launches sbiINTOUCH Contactless Debit Card and SBI Signature Contactless Credit Card
NFC technology
The NFC technology makes the contact less cards very secure as the card never leaves your hand thereby reducing the risk of card loss and fraud. The customers can tap or wave the card at the POS machine enter the pin and complete the transaction to pay at busy locations.Contact less Cards are designed to replace the use of cash in busy retail environments where speed and convenience are important, such as supermarkets, convenience stores, petrol stations and quick-service restaurants. Studies have shown that on an average Contactless Card transactions can be up to three times faster than cash payments, reducing queues at busy retail outlets.
The contactless logo [ )))) ] will be visible on all contact less cards as well as point of sale (POS) terminals enabled by NFC technology. Adding to consumer safety, the Signature Contactless Credit Cards will come with emergency card replacement facility anywhere in the world and fraud liability cover of INR 100,000.
Ms. Arundhati Bhattacharya
Announcing the launch of the Contact less Credit and Debit Cards, Ms. Arundhati Bhattacharya, SBI Chairman, said, “State Bank of India has been at the forefront of technological innovations, which has simplified banking for millions of customers across the country. The launch of contactless cards is another significant stride for the bank in this direction and in its endeavor to generate value and convenience to its customers. The ease of transacting and the speed of contactless payments will enhance the shopping experience and I am confident that this trend will continue to grow and expand across newer channels such as smartphones”.
sbiINTOUCH Contactless Debit Card
Speaking at the launch, Mr. Vijay Jasuja, CEO, SBI Card, said, “We are delighted to announce launch the Signature Contactless Credit Card. The introduction of NFC technology is a revolution in the card industry as it will enable faster payment processes, with a wide customer reach. These Contactless Cards will enable customers to make faster transactions at retail outlets and mass transit locations where easy and fast checkout is the requirement for both the customers and the merchants.”
State Bank of India plans
The Bank plans to introduce these cards in a phased manner across multiple locations in the country, and will be especially targeted towards fast food outlets, coffee shops, supermarkets and cinema chains where customers like to make quick transactions. State Bank of India plans to shortly issue these cards in other cities as well. The State Bank Contactless Debit and Credit Card can be used as a regular debit and credit card wherever cards are accepted; they can also be used for online purchases and at ATMs to withdraw cash.