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