New Delhi: State Bank of India (SBI) and the Indian Navy on Monday launched the lender’s NAV-eCash card on board the country’s largest naval aircraft carrier INS Vikramaditya. SBI said that “The launch of the NAV-eCash card is an important milestone in the vision of the Center for digital payment solutions and Digital India and the Bank’s commitment towards a transition towards a less-cash economy.”
SBI said in a release that the unique infrastructure in naval vessels precludes traditional payment solutions, especially when the ship is in high seas where there is no connectivity.
With dual-chip technology, the country’s largest lender said the card will facilitate both online and offline transactions.
“The card will address the difficulties faced by onboard personnel in handling physical cash during onboard deployment in the high seas. The new travel payment ecosystem envisioned as the NAV-eCash card will transform the travel payments ecosystem while leaving the ship without any dependency. is sailing. Cash for the use of any service on board the ship,” SBI said.
CS Setty, Managing Director (Retail and Digital Banking), SBI and Vice Admiral R Harikumar, Flag Officer Commanding-in-Chief, Western Naval Command, were present during the launch of the card.
Speaking on the occasion, Mr. Setty of SBI emphasized on the Bank’s commitment to the Defense Forces and long ties with the Armed Forces of India. He further mentioned that “the concept will be replicated in other naval ships and various defense installations to create a secure, convenient and sustainable payment ecosystem.”
Meanwhile, SBI shares closed 2.50% higher at Rs 463.05 on Monday.