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SBI Cards & Payment Services Limited, previously known as SBI Cards & Payment Services Private Limited, is a credit card company and payment provider in India. SBI Card was launched in May 1998 by the State Bank of India and GE Capital.
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State Bank of India ( SBI) is an Indian multinational public sector bank and financial services statutory body headquartered in Mumbai, Maharashtra. SBI is the 45th largest bank in the world by total assets and ranked 221st in the Fortune Global 500 list of the world's biggest corporations of 2020, being the only Indian bank on the list. [11] It is a public sector bank and the largest bank in ...
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A card-not-present transaction ( CNP, mail order / telephone order, MO/TO) is a payment card transaction made where the cardholder does not or cannot physically present the card for a merchant's visual examination at the time that an order is given and payment effected. It is most commonly used for payments made over the Internet, but can also be used with mail-order transactions by mail or ...
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It allowed the customer to type in a secret code, which is transformed by the device, using a microprocessor, into another code for the teller. During a transaction, the customer's account number was read by the card reader. This process replaced manual entry and avoided possible key stroke errors.
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