PIN compulsory in India for all debit card usage from today


chipandpin_Fotor            Remember your PIN for day to day shopping.  

Till yesterday i.e 30/11/2013, banking customers in India did not require the PIN to be punched in the POS terminals.  The PIN was compulsory for only ATM transactions.

However, from today, the keying of the PIN is mandatory to complete POS transactions.

So, if you go to a supermarket/or any other physical shopping and wish to pay via your debit card, the TAT will increase, as the billing machine and the POS terminals are not together.

This step is to minimize frauds arising out simple debit cards.  In June, the Reserve Bank had extended the deadline for implementation of mandatory PIN punching at Point-of-Sales (PoS) and merchant outlets till November 30 following a representation from banks.

The Banking industry was hoping an extension of the due date once again. However, this did not happen, so the Banks started educating customers on safety tips for PINs at POS terminals, at the last moment.

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