State Bank of India and Indian Navy on Monday launched SBI’s NAV-eCash card onboard the country’s largest naval aircraft carrier INS Vikramaditya. The card will obviate the difficulties faced by personnel onboard in handling physical cash during deployment of the ship at high seas, the bank said in a release. The infrastructure at naval ships inhibits traditional payment solutions particularly when the ship is in high seas where there is no connectivity.
NAV-eCash card, with its dual-chip technology, will facilitate both online as well as offline transactions, the release said. The bank’s Managing Director (retail and digital banking) C S Setty said the concept will be replicated at other naval ships and various defence establishments for creating a secured, convenient and sustainable payment ecosystem.