Secure smart-chip credit cards on way ?

We are all aware of the magnetic strip on our credit / debit card. However, with advancement in technology, new smart-chips are embedded into the credit /debit card so that data is stored in an encrypted format and is more secure than your magnetic strip card.

For transitioning all card holders to this new format is a big hassle and also expensive. The transition will involve changing all merchant terminals and also issuing new cards to customers. However, a new format has been setup by Euro-Master-Visa which supports interoperability between smart chip payment cards and terminals.

In India many banks are still talking to agencies such as DEI which prepare consumer credit cards on behalf of the banks. DEI has provided approximately 80,000 merchant terminals in India.

Who knows, Indians may just embrace m-commerce and dump credit cards all together 🙂

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