HDFC Bank off commercial migration of EMV credit card

HDFC Bank has begun to supply credit card compliant with the global EMV standard to its premium-segment customers nationwide. The 500,000 smart cards for the commercial launch phase that will run until March 2011 are being supplied by the Indian subsidiary of security technology specialists Giesecke & Devrient. This initiative will increase the Indian subcontinent's migration to EMV, from standard magnetic stripe formats to chip-based smart cards. These cards will provide a higher standard of security.
HDFC has started its migration to the EMV standard with credit and forex prepaid smart-card products on the Visa platform. HDFC Bank also plans to issue EMV smart debit cards in the near future. These smart cards will also serve as a multi-application platform. Applications being considered include a customer loyalty program and an electronic purse.
Announcing this migration plan, A. Rajan, group head of operations, HDFC Bank said: "We want to offer our customers the benefit of modern, secure EMV cards and safeguard them from fraudulent skimming and misuse of HDFC credit cards."