CURRENT AFFAIRS

Detailed explanation-1: -IDFC First Bank has introduced a sticker-based debit card, called FIRSTAP. The launch is in association with the National Payments Corporation of India (NPCI). The FIRSTAP is launched to facilitate transactions by simply tapping the sticker on a Near Field Communication (NFC) enabled point-of-sale terminal.

Detailed explanation-2: -The first bank cards were ATM cards issued by Barclays in London, in 1967, and by Chemical Bank in Long Island, New York, in 1969. In 1972, Lloyds Bank issued the first bank card to feature a personal identification number (PIN) for security along with the information-encoding magnetic strip.

Detailed explanation-3: -Notes: IDFC FIRST Bank announced the launch of FIRST Private Infinite, the country’s first-ever standalone metal debit card, in partnership with Visa.

Detailed explanation-4: -Debit cards, which could be used anywhere a credit card was accepted, were first introduced in Canada by Saskatchewan Credit Unions in 1982. In the early 1990s, pilot projects were conducted among Canada’s six largest banks to gauge security, accuracy and feasibility of the Interac system.

Detailed explanation-5: -Central Bank of India was the first Bank to introduce credit cards in India.