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Thursday, September 12, 2013

ICICI Bank launches chip-based credit card

ICICI Bank Ltd, India’s largest private sector bank, has launched ICICI Bank Carbon in partnership with Visa.

“The ICICI Bank Carbon will be offered to select ICICI Bank credit card members only. It is available at an inaugural one-time fee of Rs 1,000 plus applicable service tax,” the bank said in a statement.

The member initially needs to generate a CodeSure PIN on the ICICI Bank Web site before using the card. This is a one-time activity.

The PIN can instantly help generate a one-time-passcode (OTP) on the card plastic itself. The display panel on the back of the card then shows this OTP which can be used to authenticate online transactions.

In case of a loss of the physical card, it cannot be used for online transaction without the CodeSure PIN, the bank said.

The card provides reward points, complimentary movie tickets, access to culinary treat programme, access at select airport lounges in India and complete waiver of 2.5 per cent fuel surcharge at HPCL fuel stations.

Powered by Visa CodeSure, it provides EMV chip technology with embedded microchip that can minimise the risks of skimming and counterfeit of cards, especially for online shopping.

Source: thehindubusinessline


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