Tag Archives: debit cards

All new cards to be EMV Chip and Pan Cards

RBI has mandated vide its circular dated 7th may, 2015 that all new cards issued after 1st September, 2015 whether they are debit or credit cards, Indian or international shall be EMV chip and pan card instead of magnetic stripe cards. For gyan on what is EMV chip and pan based technology this link is very useful i.e. https://www.chasepaymentech.com/faq_emv_chip_card_technology.html

As far as the existing magnetic stripe cards are concerned RBI will advise their timeframe of migration to EMV chip and pin based card in due course.

The RBI circular can be found here https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=9712&Mode=0

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