News That Matters

Tag: Cards

India to have 1 billion debit cards soon, from just 84 million 10 years ago

India to have 1 billion debit cards soon, from just 84 million 10 years ago

Finance
Bengaluru: The country is set to touch one billion in debit cards. It was a mere 84 million a decade back. Even four years ago, it was less than half of what it is today. This phenomenal growth in the number of debit cards is because of the government’s consistent push towards rural financial inclusion, with schemes such as MNREGA, opening of Jan Dhan accounts and direct benefit transfers. The RuPay cards, which come with all Jan Dhan accounts and increasingly with other accounts too, have played a singular role in the debit card surge. Sources told TOI there are now 560 million RuPay cards. These cards were introduced way back in 2012, but there’s been a surge in them in recent years. Two years ago, the number of RuPay cards was less than half at 230 million. Even usage of deb...
Lloyds replacing some debit cards after cyber-attacks

Lloyds replacing some debit cards after cyber-attacks

Business
Lloyds Banking Group has confirmed it is reissuing debit cards to customers affected by cyber-attacks on Ticketmaster and British Airways.The bank has reissued debit cards to all customers that have made purchases on Ticketmaster's website.It is also working with BA to establish which customers have had their details compromised during two cyber-attacks.Lloyds said it had a "range of approaches" designed to protect customers from fraud. A Lloyds Banking Group representative told the BBC: "In all cases, we take all possible steps to minimise time without a card."In the case of debit cards, the bank immediately issues a new card if it detects fraud.But when it comes to credit cards, Lloyds first writes to customers telling them that it intends to reissue th...
FinMin wants banks to start issuing near field communication-enabled credit and debit cards

FinMin wants banks to start issuing near field communication-enabled credit and debit cards

Finance
BENGALURU: The finance ministry wants banks to start issuing near field communication (NFC)-enabled contactless credit and debit cards to their customers so that the government can expand the use of card payments beyond simple merchant transactions. In a letter marked to chief executives of banks, a copy of which was seen by ET, the ministry said that NFC or contactless cards are the next generation of innovation in the cards space which can bring about added security and convenience for digital payments, hence banks should start giving out such cards to its customers. “As and when cards need to be re-carded, then at that stage the new cards being issued can be NFC enabled/contactless and whenever new cards are being issued they could also be NFC enabled/contactless,” read the ...
Red cards 'more likely' when referees use slo-mo

Red cards 'more likely' when referees use slo-mo

Technology
Football referees are more likely to hand out harsher penalties when replaying situations in slow motion, a new study has found. Cognitive scientists in Belgium researching VAR (video assistant referee) technology found that while replays did not significantly affect the accuracy of a decision on whether a foul had taken place or not, they did affect judgement on intention.The study was conducted by Dr Jochim Spitz and colleagues at the University of Leuven on the response of 88 elite football referees to videos of yellow-card fouls.Referees were 63% accurate when using slow-motion replays to make a technical decision on whether or not a foul was committed, compared with 61% accurate in real time.However, 20% of the referees gave a red after watching the video in slow motio...
Lloyds Bank bans Bitcoin purchases on its credit cards

Lloyds Bank bans Bitcoin purchases on its credit cards

Business
Lloyds Banking Group has banned its customers from buying Bitcoin and other crypto-currencies on their credit cards.The ban, starting on Monday, applies to Lloyds Bank, Bank of Scotland, Halifax and MBNA customers. It will not apply to debit cards, only to the banking group's eight million credit card customers.The move follows a sharp fall in the value of digital currencies, prompting fears about people running up debts.Lloyds is concerned it could end up footing the bill for unpaid debts should the price continue to fall.Explaining the ban, a Lloyds spokeswoman said: "We continually review our products and procedures and this is part of that."Bitcoin ended last week down 30% at $ 8,291.87 - its worst week since April 2013 and far below the $ 19,000 it reached last November.However, the c...