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Which is the first Public Sector Bank in India that has shifted to EMV chip and PIN for card based transactions across the country’s vast ATM network?
- a)Indian Bank
- b)Canara Bank
- c)Bank of Baroda
- d)State Bank of India
- e)None of these
Correct answer is option 'B'. Can you explain this answer?
Verified Answer
Which is the first Public Sector Bank in India that has shifted to EMV...
Global provider of real-time electronic payment and banking solutions, ACI Worldwide, notified that India’s public sector bank, Canara Bank has successfully rolled out new functionality that supports EMV (Europay, MasterCard and Visa) card acquiring across its ATM (Automated Teller Machine) network and Aadhaar Authentication, thus becoming the 1st in the market to leverage ACI’s UP Retail Payments solution and the 1st public sector bank to shift to EMV chip and PIN for card based transactions across the country’s vast ATM network.The functionality developed by ACI and Canara Bank also fastens the process of Aadhaar number linking, which in turn eases KYC (Know Your Customer) compliance at the bank’s branches.
Most Upvoted Answer
Which is the first Public Sector Bank in India that has shifted to EMV...
Canara Bank
Canara Bank is the first Public Sector Bank in India that has shifted to EMV chip and PIN for card-based transactions across the country's vast ATM network.
EMV Chip and PIN Technology
- EMV stands for Europay, Mastercard, and Visa, which are the three companies that originally developed the technology.
- EMV chip cards are more secure than traditional magnetic stripe cards as they generate a unique code for every transaction, making it difficult for fraudsters to duplicate the card.
Canara Bank's Initiative
- Canara Bank has taken a proactive step in enhancing the security of card transactions by implementing EMV chip and PIN technology.
- This move will help protect its customers from various card-related frauds and ensure secure transactions at ATMs nationwide.
Benefits of EMV Chip and PIN Technology
- Increased security: EMV chip cards are more secure and less prone to fraud compared to magnetic stripe cards.
- Global acceptance: EMV technology is widely accepted globally, making it easier for customers to use their cards internationally.
- Reduced fraud: By implementing EMV chip and PIN technology, Canara Bank can significantly reduce the risk of fraudulent transactions.
In conclusion, Canara Bank's decision to shift to EMV chip and PIN technology for card-based transactions demonstrates its commitment to enhancing the security of its customers' transactions across its ATM network.
Canara Bank is the first Public Sector Bank in India that has shifted to EMV chip and PIN for card-based transactions across the country's vast ATM network.
EMV Chip and PIN Technology
- EMV stands for Europay, Mastercard, and Visa, which are the three companies that originally developed the technology.
- EMV chip cards are more secure than traditional magnetic stripe cards as they generate a unique code for every transaction, making it difficult for fraudsters to duplicate the card.
Canara Bank's Initiative
- Canara Bank has taken a proactive step in enhancing the security of card transactions by implementing EMV chip and PIN technology.
- This move will help protect its customers from various card-related frauds and ensure secure transactions at ATMs nationwide.
Benefits of EMV Chip and PIN Technology
- Increased security: EMV chip cards are more secure and less prone to fraud compared to magnetic stripe cards.
- Global acceptance: EMV technology is widely accepted globally, making it easier for customers to use their cards internationally.
- Reduced fraud: By implementing EMV chip and PIN technology, Canara Bank can significantly reduce the risk of fraudulent transactions.
In conclusion, Canara Bank's decision to shift to EMV chip and PIN technology for card-based transactions demonstrates its commitment to enhancing the security of its customers' transactions across its ATM network.
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Which is the first Public Sector Bank in India that has shifted to EMV chip and PIN for card based transactions across the country’s vast ATM network?a)Indian Bankb)Canara Bankc)Bank of Barodad)State Bank of Indiae)None of theseCorrect answer is option 'B'. Can you explain this answer?
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