State Bank of India on Thursday joined its private sector rivals to launch contactless cards using latest near field technology (NFC).
Called the SBIinTouch cards, these contactless debit and credit cards are more secure and hassle-free to use at merchant outlets or ATMs and use the NFC technology, which enables users to make payments by waving or tapping the card near the contactless reader instead of swiping or dipping it.
Launching the cards, SBI chairperson Arundhati Bhattacharya said the bank has already issued 1.08 lakh new cards to its customers in the eight largest metros and the remaining customers will get the cards in the following months. These cards come with a fraud liability cover of Rs.1 lakh, managing director and group executive for national banking B. Sriram said.These cards will be especially targeted towards fast-food outlets, coffee shops and supermarkets where customers make quick transactions.
