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FinMin Nudges Banks to Issue NFC-Enabled Credit, Debit Cards
July 27, 2018
To push the digital economy even further in India, the finance ministry is asking the banks to start issuing Near Field Communication (NFC)-enabled credit and debit cards that will allow the users to make purchases through a more convenient and contactless payment system.
A letter has been sent by the FinMin to the heads of various banks in which it said that NFC cards are the technology of the next-gen cards that can enhance security and convenience in digital payments.
Photo credit: European Parliament Technology – DG ITEC on Visual Hunt / CC BY-NC-SA
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