MONEY CONTROL Canara Bank: 1st to meet RBIs EMV mandate
- Canara Bank has successfully rolled out major new functionality to support EMV card acquiring across its ATM network and Aadhaar Authentication.
- It is the first public sector bank to shift to EMV chip and PIN for card present transactions across the country’s vast ATM network.
- The EMV shift is aimed at reducing lost and stolen card fraud and making counterfeit card fraud more difficult.
- EMV stands for Europay, MasterCard, Visa, the three organisations that developed and established EMV as the global standard for chip-based credit and debit transactions.
- The EMV standard helps to maximise security and global interoperability so that Visa cards can continue to be accepted around the world.
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