Debit card security standard that includes a small microchip in the debit card. The microprocessor chip embedded in the card prevent card skimming or cloning that is possible in magnetic stripe cards
Advantage over magnetic stripe cards:
The magnetic stripe credit and debit cards store the data on the magnetic stripe found on the reverse side of the card. Fraudsters place a skimmer device inside the card swipe slot in ATMs or PoS terminals to read the customer data stored in the magnetic stripe.
EMV chip cards prevent such skimming because they do not reveal the user data to the terminal at the time of swiping the card.
e-RUPI
PM Modi has launched E-RUPI as the new digital payment system to send Government’s monetary benefits directly to the beneficiaries be leveraging mobile phones.
About e-RUPI: Developed by the National Payments Corporation of India (NPCI).
Features
Person and purpose specific cashless digital payment solution. It could be used only by the person it is meant for and only for the purpose it is issued.
Cashless and Contactless instrument for digital payment
QR code or SMS string-based e-voucher, which is delivered to the mobile of beneficiaries.
It is offline hence can be accessible even in the remotest areas.
Runs on UPI platform.
A beneficiary must carry an SMS or QR code which is then scanned to make payments.
It works even on basic phones (No requirement of smart phones)
It does not require any physical interface for transactions and could be taken up in the remotest area of the country.
Recent developments
Enhancement of the Cap under e-RUPI
Present Status: e-RUPI has a cap of Rs 10,000/- per voucher and each voucher can be used / redeemed only once.
New Announcement: RBI has proposed to increase the cap on amount for e-RUPI vouchers issued by Governments to Rs 1 lakh per voucher and allow use of the e-RUPI voucher multiple times (until the amount of the voucher is completely redeemed).
Subsidy