bank using chip card

2. • The reserve bank of India has asked all banks to
issue chip- and – PIN cards by june .
• Chips cards are different from the magnetic –
stripe which are recently used .
• Chips card is expensive than a magnetic striped
card.
• It costs between 200 to 300 rs while a magnetic
stripe cards costs 100 to 150 rs .

3. What are chip –enabled cards ?
• A chip cards resembles a standard credit/debit
card but doesn’t have a magnetic stripe at the
back. The chip is not visible as it is embedded
in the card .However ;some banks are issuing
chip cards with magnetic stripe as well
because all merchant outlets are not equipped
to handle a chip cards at present

4. Benefits of chip cards
• This cards stores a personal identification
number or pin. Instead of swipping and
signing for a purchase the card holder
punches in the pin . The chip is encrypted and
provides enhanced security and protection
against fraudulent transcations when you use
your chip cards at stores or restaurants that
have chip enabled terminals and at ATM’s the
system validates the chip ensuring security of
your transaction

5. Can chip cards be used anywhere?
• They can be used anywhere in the world
whenever Visa/Master card are accepted .If
you are using your chip card at the location
that does not have a chip – enabled terminal,
your card will be swiped and the transaction
will be completed with your signature as in
the case of the regular card transaction it can
be used for online transactions as well with
the use of PIN

6. How secure is it compared
with magnetic- stripe card
• Chip and PIN cards are designed to prevent
credit card frauds . Magnetic stripe cards
,however can be cloned by skimmers. This has
become a big problem for banks ,law
enforcement agencies, financial regulators
and customer across the world .cloning cards
with chips is impossible as you cannot forge
the PIN.

7. Which banks issue chip cards ?
• SBI BANK
• ICICI BANK
• HDFC BANK
• AXIS BANK
• INDUSLND BANK
• CITIBANK