According to the directive issued by the Reserve Bank of India, all the debit and credit cards which are magnetic stripe cards will soon be stop working because the magnetic stripe cards can easily be skimmed. All magnetic stripe cards must be replaced by EVM chip cards by December 31, else the older magnetic stripe cards may stop working from January 1, 2019.
EMV cards are smart payment cards which store data on integrated circuits rather than magnetic stripes. Also called chip cards or IC cards, these cards create dynamic data every time a user makes a transaction using them. This makes it almost impossible for fraudsters to duplicate or clone your card.
In EMV cards, the payment data is secured on a chip-enabled payment card than on a magnetic stripe (magstripe) card. The biggest difference is that the former supports dynamic authentication, while the latter does not and the data is static. As a result, it is easier for fraudsters to copy data from a traditional magstripe card using skimming devices. EMV cards are claimed to be effective in combating counterfeit fraud with their dynamic authentication capabilities.