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Indian payments players march forward on EMV transition

EMV processing infrastructure is in place and banks have been instructed to issue only chip-based cards beginning Sept. 1.

May 7, 2015

The Reserve Bank of India has notified the nation's banks that all new cards issued after the first of September must be chip-and-PIN enabled.

A report by Indian publication Economic Times said that while some banks have already begun to issue the EMV-standard cards, a large number still rely on magnetic stripe cards.

RBI also told banks that it is working in collaboration with stakeholders on a plan for the reissuance of existing cards.

According to the report, RBI said that India's payments industry has upgraded its infrastructure for EMV acceptance and is ready for the migration of POS terminals and transactions to chip and PIN.