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South Indian Bank unveils contactless debit card: Report

25 Nov 2016 Evaluate

South Indian Bank has reportedly unveiled its contactless debit card. The Near Field Communication (NFC) technology makes the contactless cards very secure, as the card does not leave the cardholder’s possession. Customers can also option to use their card as a normal CHIP card and transact in a ‘contact’ mode too. Once the merchant enters the purchase amount in the contactless PoS terminal, the customer simply has to just wave the card on the terminal and the payment is processed wirelessly in a fast and secure manner.

South Indian Bank has reported 18.36% rise in its net profit at Rs 110.52 crore for second quarter ended September 30, 2016 as compared to Rs 93.38 crore for the same quarter in the previous year. Total income of the Bank increased by 4.58% at Rs 1596.08 crore for Q2FY17 as compared Rs 1526.19 crore for the corresponding quarter previous year.

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