New EMV chip-based ATM card will be damaged permanently
New EMV (Europay MasterCard Visa) chip-based ATM card, the ATM kiosk don’t allow to remove the card immediately. Earlier, when ATM kiosks were designed according to the old magnetic stripe-based ATM-cum-debit cards and credit cards, users were allowed to take out the ATM card immediately after inserting into the machines. Banks have started replacing the old magstripe-based debit and credit cards with the new EMV chip-based ATM-cum-debit cards and credit cards to increase the safety of transactions.
Earlier in 2015, the Reserve Bank of India mandated all the scheduled commercial banks and other banks issuing debit and credit cards to replace the old magstripe-based ATM-cum-debit cards and credit cards with the new EMV chip-based ATM-cum-debit cards and credit cards. The central bank had made it mandatory for all the banks in order to expedite the process of replacement and further declared that after December 31, 2019, all the old magstripe-based ATM-cum-debit cards and credit cards will be dysfunctional.
Now, to ensure the safety and functionality of your new EMV chip-based ATM-cum-debit cards and credit cards, you should never remove the debit and credit cards forcibly. The ATM kiosk will automatically flash a message on screen for removal of card.
Most of the banks have upgraded their ATM kiosks accordingly with the new EMV based chip ATM-cum-debit cards and credit cards. If you forcefully remove the card before the completion of transaction, then you may end up damaging chip of respective ATM-cum-debit card or credit card permanently. All the old magstripe-based debit cards and credit cards are getting replaced with the new EMV chip-based debit and credit cards in a move to make all ATM and point of sale (PoS) transactions more safe and secure…….Read More>>