Chip-based cards smart cards : "The chip is embedded on the card and contains information in a encrypted format". In addition, it includes a personal identification number (PIN)." This technology needs to adhere to EMV standards - Europay, MasterCard and Visa.
Whenever a chip-based plastic cardPerdebit card is employed at the purpose of sale (POS) terminal, the terminal reads the encrypted format around the card and requires a PIN in support of then could be the transaction processed. "A chip-based card can not be read unless you punch from the PIN," said Mayur Joshi, CEO, Indiaforensic.com, a monetary fraud investigation company,
To date, only Axis Bank Ltd, HDFC Bank Ltd, State Bank asia (SBI), ICICI Bank Ltd and Kotak Mahindra Bank Ltd has launched chip-based cards in India. Some banks offer chip-based cards with no PIN they'll use your signature for authentication.contactless cards
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