New Delhi: From January 1 all the credit, debit, international and domestic cards may not be in the function. According to the RBI officials, the cards with magnetic strip replaced by the EMV chips.
The new EMV cards come with more security features and it also considered with less fraud.
What is EMV
EMV cards are smart cards (also called chip cards or IC cards) that store their data on the integrated circuit in addition to magnetic strips. These include cards that must be physically inserted (or "dipped") into a reader, as well as the contactless card that can be read over a short distance using near field communication (NFC) technology. Payment cards that comply with the EMV standard are often called Chip and PIN or Chip and signature cards, depending on the authentication methods employed by the card issuer.
EMV originally stood for "Europay, MasterCard and Visa", the three companies that created the standard. The standard is now managed by EMVCo, a consortium of financial companies.
There are two major benefits to moving to smart-card-based credit card payment systems: improved security (with associated fraud reduction), and the possibility for finer control of "offline" credit-card transaction approvals.
The user need not be panic as they still have some time to replace their card if they haven't done it so far.
You can easily identify your debit card as a Magstripe card if there is no chip located on the face of the card.
