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SBI Has Just the Right Solution for Monetary Matters of Indian Navy

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Money matters during seafaring can be challenging for many reasons at times with one being how the payee and the recipient are located in two different cities or countries. A solution cooked specifically to handle such issues is one that’s served by the Indian multinational public sector bank, the State Bank of India (SBI). As most organizations implementing digital solutions, the bank had already come out with a virtual card right when the coronavirus hit the world.

On that page, the bank’s newly introduced Nav e-Cash card truly upholds the goals falling under the Digital India initiative. Since the idea of the card is to ensure that the Indian Navy gets to handle their physical cash during long-term journeys. This could seemingly turn out to be a convenient solution considering the internet connectivity issues including all the risks and possible mishaps involved when dealing with money at the high seas.

Dual Chip Technology that Facilitates both Online and Offline Transactions
The Indian Navy and State Bank of India (SBI) unveiled SBI's NAV-eCash Card on board India's largest Naval Aircraft Carrier, the INS Vikramaditya, to take Digital India to new heights. The card was launched in the presence of Vice Admiral R Harikumar, Flag Officer Commanding-in-Chief, Western Naval Command, and C S Setty, Managing Director (Retail & Digital Banking), SBI.

What this card means for the category of digital payments is a sure significant step and reflects SBI’s to the government of India's vision of Digital India and an intentional transition away from cash. Traditional payment methods are hindered by the specific architecture of navy ships, especially when the ship is at sea and is facing internet issues. But with this card, there will be no such issues and transactions can be done with ease. Why? As the card carries dual chip technology, that’s why!

Commenting on the occasion is SBI's MD (Retail & Digital Banking), CS Setty who emphasized the bank's commitment to the Indian military services and the bank's long history with them. He also acknowledged his pride in being a part of the military. The concept will be reproduced on other naval ships and defense installations in order to create a secure, convenient, and long-lasting payment environment.

Payments may be done both online and offline with this card thanks to the dual chip technology. Aside from that, this card can be used as both a standard debit and a prepaid card. It is, however, possible in the online form.

The card is designed in such a manner that payments can be made even when the card is not in use. This will assist in the reduction of cash payments. There are many places where there is no real-time internet access, such as warships at sea or oil sites far from the shore, where this card can be used to make payments.

The Card will eliminate the issues faced by crew members on board when managing physical cash during a ship's deployment at sea. The idea for such a card was developed in collaboration with SBI and Navy authorities, and the card meets the Navy's standards for a smooth on board experience. The new initiative can surely be described as a form of NAV- eCash Card will transform the payment ecosystem while the ship is on the move, eliminating the need for cash to use any of the ship's services.

In terms of assets, deposits, branches, customers, and employees, the State Bank of India is the largest commercial bank in India. It is also the country's largest mortgage provider, having helped 30 lakh Indian families realize their aspirations of owning a home.

Commenting on the occasion is SBI's MD (Retail & Digital Banking), CS Setty who emphasized the bank's commitment to the Indian military services and the bank's long history with them. He also acknowledged his pride in being a part of the military. The concept will be reproduced on other naval ships and defense installations in order to create a secure, convenient, and long-lasting payment environment.

But it’s not a first for the bank to come up with an electrical solution when looking back at the time it came out with an app called ‘SBI YONO’, and others that handle and clear away queries for its customer and even its workforce. As a matter of fact, the bank introduced a virtual card during the wake of COVID-19. A time when electrical solutions have become the most sought after ways of living through the pandemic.

SBI Virtual Card for Online Shopping at Any Website
While technology received a boost due to the coronavirus, cybercrime also rose at the same time. Therefore, to help with internet banking and other e-commerce solutions, banks and other entities came up with various virtual solutions, with one being that of SBI’s virtual card.

For one, the virtual card has a limited debit card issued by SBI and can be used to shop online at any merchant website. This virtual card, which is similar to a regular plastic card, will be accepted by websites that accept visa cards.

However, this virtual card is a one-time use card that can only be used once and cannot be reused. Therefore, SBI cardholders can use net banking to pay for their purchases.

Also for online transactions, the card is permitted after successful validation of the One Time Password (OTP) supplied to the cardholder's registered mobile number. For a period of 48 hours, it is valid. Furthermore, after a transaction has been completed with the card, the card is no longer valid.

The main advantage of this virtual card is that it conceals the original card as well as account information from merchants. This eliminates the possibility of any fraudulent behavior.

A minimum transaction amount of Rs 100 is required to create the virtual SBI card, with a maximum transaction amount of Rs 50,000. The money debited from the virtual card is only deducted when the actual purchase is completed successfully. The SBI virtual card can be used at any online merchant who accepts Visa cards. Cardholders can create this card as many times as they want for online transactions.

A Few Steps to Create this Card
Start by logging into SBI’s online banking account by visiting its official website. After that head straight to the top of the screen and pick the 'e-Card' tabs. Then select the ‘generate virtual card' option from the drop-down menu. Select the account most preferable to transfer to the virtual card next.

Then click the ‘agree to terms and conditions' tab and then the ‘generate' tab. Once that’s done, card information, including the cardholder's name, debit card number, and virtual card limit must be entered. The bank will send an OTP to the cardholder's registered mobile number to verify the transaction. After entering the OTP, click the ‘Confirm' button.

It’s unclear when the situation might turn back to the way it was, before the infamous coronavirus entered the world. Therefore, digital solutions such as these do come in handy for not just social distancing purposes, but for the safety of one’s cash as well, given those solutions are not prone to any cyber-attacks.

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