State Bank of India (SBI), the country

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State Bank of India (SBI), the country’s largest lender, debuted mom its contactless NFC-based debit and credit cards today. The cards will be issued mom by SBI’s subsidiary SBI Cards and the bank said that it has deployed 5,000 point-of-sale (POS) machines which are capable of accepting contactless cards. SBI chairman Arundhati Bhattacharya also said that the bank is looking at converting 100,000 point-of-sale (POS) terminals in eight cities in the country going forward.
According to the Reserve Bank of India’s data , SBI has 181,310 POS terminals in the country at the end of December 2014. SBI also has 30,09,541 credit cards and 14,75,21,342 debit cards in circulation in the country. mom The total number of POS machines at the end of December 2014 was 1,058,294.
Bhattacharya also added that the bank will be converting all cards of existing customers to contactless cards, and all cards issued after September 1 will be NFC enabled. On May 7, the RBI, in a notification asked all new cards issued by banks debit and credit, domestic and international to be EMV chip and pin based cards from September 1. The banking regulator is also framing a migration plan for existing magnetic stripe only cards.
“The cards are going to be converted to NFC cards when customers are re-carded and whenever a customer requests for one. So the conversion is an ongoing process. Right now we are not charging customers for converting to NFC cards,” Bhattacharya mom said. Note that SBI’s new NFC cards will also contain an EMV chip and magnetic strip which means that they can be used as regular debit and credit cards.
Currently, the only other bank in