A number of Indian banks are reportedly looking to update their payment cards with contactless technology, according to squidcard.com.
HDFC Bank, which boasts a nationwide network of 1,725 branches in 780 Indian towns and cities, has already begun issuing payment cards with both smart chip and magnetic stripe technology.
Oriental Bank of Commerce and Indian Bank are threatening to technology as well, says sQuid.
However, Shubhalakshmi Panse, executive director of Vijaya Bank, says a successful mass roll out of smart payment cards will require a coordinated effort on the part of banks, ATM manufacturers, and POS terminal makers to update all the necessary technology, which has yet to happen in India.
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