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Mahesh

25/11/22 07:04 AM IST

IDFC FIRST Bank launches India’s first sticker-based debit card, FIRSTAP

In News 
  • IDFC FIRST Bank has partnered with National Payments Corporation of India (NPCI) to launch FIRSTAP, the country’s first sticker-based debit card.
About FIRSTAP 
  • The FIRSTAP was launched by the IDFC First Bank in line with its customer-centric philosophy.
  • It is one-third the size of a regular debit card. 
  • It can be stuck on any surface of the customer’s choice, like cell phones, identity cards, wallets, tabs, airpod cases etc.
  • It can be stuck on wearable devices like watches and rings as well. It enables transactions up to Rs.5,000 without a PIN and those beyond that requires the entry of PIN.
  • This sticker debit card comes with a complementary personal accidental cover and 24/7 concierge services. It also includes several RuPay offers.
  • A sticker-based debit card allows the user to make transactions by simply tapping the sticker on near-field communication (NFC)-enabled point-of sale terminal.
  • It can be used to tap and pay in stores, restaurants and other places without the need to carry a debit card.
About IDFC FIRST Bank
  • The IDFC FIRST Bank was established following the merger of the erstwhile IDFC Bank, promoted by the famous infrastructure financing institution IDFC Limited., and leading technology NBFC, Capital First.
About NPCI
  • National Payments Corporation of India (NPCI) is a specialized division of the Reserve Bank of India (RBI) that was established to operate retail payments and settlement systems in India.
  • It was incorporated in 2008 as a not-for-profit company under Section 8 of Companies Act 2013.
  • It is a joint initiative of the RBI and the Indian Banks’ Association under the provisions of the Payment and Settlement Systems Act, 2007.
Source- Economic Times 

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