To support the Indian government’s Digital India initiative, the State Bank of India (SBI) introduced a new card called NAV-eCash on the Indian Navy’s aircraft carrier, INS Vikramaditya. The launch took place on October 1, 2021, at Karwar.
1. Digital Payment Advancement:
- The NAV-eCash card is a significant step toward digital payments.
- It utilizes dual chip card technology, allowing payments both offline and online. This means it works even without real-time internet connectivity.
2. Joint Unveiling:
- The card was jointly unveiled by Vice Admiral R Hari Kumar, FOCINC WNC (Flag Officer Commanding-in-Chief Western Naval Command), and Shri CS Setty, Managing Director (Retail and Digital Banking) of SBI.
3. Unique Features:
- In online mode, NAV-eCash functions like a regular debit or prepaid card, offering all standard features.
- It serves as an innovative solution for cashless transactions, particularly in areas lacking consistent internet access, such as warships at sea, offshore oil platforms, and remote regions.
4. Collaborative Effort:
- The concept for NAV-eCash was developed by a team of officers from INS Vikramaditya and brought to fruition by SBI, India’s largest public sector bank.
- The card is tailored to replace cash transactions with digital payments, ensuring convenience and security in various challenging environments.
5. Digital Transactions Anywhere:
- NAV-eCash is specifically designed for use in locations where real-time internet connections are limited, allowing digital transactions to take place seamlessly.
- This innovation aligns with the nation’s broader goal of promoting digital financial solutions and enhancing accessibility across diverse settings.