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Smart e-money cards set to replace traditional cards in India
10 Dec 2010

Smart e-money cards which feature a chip rather than a magnetic stripe are set to become more prevalent in India, according to an expert.

Chip and PIN cards are already widely used in the UK but few Indian banks have begun distributing them to their customers.

However, that could be set to change as around 90 per cent of card terminals are compatible with the technology, reports mydigitalfc.com.

Nimish Swarup, vice-president of the point of sale and secure transactions division at Gemalto India, claimed banks are likely to issue more of these smart banking cards over the next four years.

She told the news provider: "Swipe cards are magnetic stripe-based, which can easily be cloned or skimmed.

"Few banks in India have already issued EMV [Europay, Mastercard and Visa] chip cards to their premium customers. The banks are doing cost-benefit analysis and are studying other associated benefits with such cards."