Private sector lender ICICI Bank has made its entry into the chip based credit card segment with its new launch, the ICICI Bank Coral Credit Card.
The bank has announced its entry in to the EMV (Europay, MasterCard, Visa) Standard with this launch.
Chip based cards bring additional security to the card against the increasing phishing scams. The new card by the lender will thus offer security by way that it contains a microchip instead of the conventional magnetic strip, carrying all card information in encrypted form, said the bank.
The card also comes with rewards in collaboration with multi partner loyalty program, Payback.
According to the bank release, the Payback points can be redeemed by the customer either in the form of gifts or get credited to credit card account at the Rs 0.25 per payback rate.