Reserve Bank of India (RBI) has set the deadline for replacing all magnetic strip based ATM cards into EMV cards by December 31 2018.EMV stands for Europay Mastercard and Visa from which the standards for a chip enabled card emerged.The EMV card provides a higher level of security as compared to magnetic strip cards which can be easily cloned.This switching to secure system may push up the costs of the banking sector.Identify and explain the two dimensions of business environment in the above para.
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Answer:
The Reserve Bank of India (RBI) has mandated all banks to replace all existing magnetic stripe-only cards with EMV chip cards by December 31, 2018.
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the two dimensions are economic and technological environment.
Explanation:.
economic environment is affected because the order is given by RBI and is related to atm cards.
technological environment is affected because the case study talks about EMV and improvement in the magnetic card.
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