Initiating a major step in the field of digital payments, SBI Card is all set to update its mobile application in order to make way for contactless payments at the point of sales (PoS) terminals.
Reportedly, the bank has adopted a technology called ‘Host Card Emulation (HCE)’ which brings down the interference of the cards.
As of now, the SBI cardholders were using Samsung Pay for making payments but the bank is now planning to launch its own upgraded app next month, which will enable virtualisation of the card in smartphones. The virtualisation would be performed through near-field help in communication (NFC).
“SBI Card has doubled its base in three years to over 50 lakhs and is recording fastest growth in issuance,” said Vijay Jasuja, CEO, SBI Cards.
“Before demonetisation, the card volume growth rate was around 60,000 cards per month which increased to over 1 lakh cards per month post-demonetisation period and has now grown to around 2 lakh cards per month,” Jasuja added.
Further, the SBI card holders can also use BharatQR Code for making payments.