Stanchart Launches Electronic Credit Card

Standard Chartered Bank has introduced 'Sapnay electronic card' to minimise the risk of credit card frauds. Unlike normal cards where the name of the cardholder and the credit card number is embossed on the card, in Sapnay electronic card the name is printed on the card through the process of indent printing.

The card enables each transaction to be electronically authorised before any transaction can happen and does not allow any manual transactions to go through, virtually eliminating the possibility of fraudulent transactions, a bank release said.

In effect the card can be used only on electronic data capture terminals. Of the total number of around 1,10,000 terminals across the country, the number of EDC terminals in the country is restricted to around 40,000 with the remaining being manual terminals.

Sapnay Electronic is aimed at the mid-market customers who need credit, but are concerned about misuse of their cards. The card is one of the cheapest in the industry with an annual fees on the card is Rs 400 with no joining fees.

Sapnay has over 1,00,000 card holders and the bank claims that it is one of the fastest growing card brands in the country. StanChart Group claims to be the largest issuer of credit cards in the country with 1.3 million cards.