State Bank of India (SBI) on 14 May 2015 launched contact-less credit and debit cards called sbiINTOUCH.
These cards are based upon the latest near-field technology (NFC). With these cards, a customer can transact by just tapping or waving it against the reader of the point-of-sale machine.
These cards are more secure and hassle-free. These cards come with a fraud liability cover of 1 lakh rupees. SBI has issued 1.08 lakh new cards to its customers in the eight largest metros and the remaining customers will get the cards in the following months.
Private lenders ICICI Bank and HDFC Bank have already launched such NFC cards.
The move could boost the acceptance of SBI’s tap and pay cards. These cards are especially targeted towards fast-food outlets, coffee shops and supermarkets where customers make quick transactions.
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What: SBI launched it.
When: 14 May 2015