- Date : 11/07/2023
- Read: 3 mins
Are You Prepared for the Card Migration Revolution? Move your credit and debit cards to Rupay effortlessly from October 1? Read the complete article to know more.
Attention all cardholders in India! Get ready for a groundbreaking change starting from October 1. Just like you can switch your mobile networks between Airtel, Jio, and Vodafone, now you have the power to port your prepaid, credit, and debit cards too. This means you can seamlessly migrate from MasterCard to Visa, RuPay, or any other network of your choice, and vice versa. Say goodbye to limitations and embrace the freedom to choose the card network that suits your needs. Discover how this revolutionary card portability will transform your financial experience. This article discusses in detail the implications of this revolutionary step.
- Switch card networks like mobile networks.
- Choose the card network that suits your needs.
- Competition will lead to lower fees and better services.
- No need to cancel your existing card.
- Effective from October 1, 2023.
What is card portability and how will it benefit the consumers?
Starting from October 1, a new circular issued by the Reserve Bank of India will revolutionise the way prepaid card, credit card, and debit card customers in India operate. This circular grants users the ability to port their card networks, similar to how mobile networks can be switched between providers like Airtel, Vodafone, and Jio. This means that cardholders will now have the freedom to migrate from networks such as MasterCard to Visa, RuPay, or any other network of their choice, and vice versa.
Card network portability will benefit consumers in a number of ways. First, it will give consumers more choice and control over their payment options. Second, it will help to promote competition in the card network market, which could lead to lower fees and better services for consumers. Third, it will make it easier for consumers to switch to a different card network if they are unhappy with their current one.
Also Read: Things to Consider Before Picking Up a Credit Card
What has been proposed by the RBI?
RBI proposes draft circular (contents given below) for multiple customer choices in payment systems:
- Card issuers cannot enter into agreements that prevent them from using other card networks.
- Card issuers will no longer be able to restrict customers to a single network.
- Card issuers must allow eligible customers to choose a card network from multiple options, either during card issuance or at a later time.
When does the portability option apply?
The card network portability option will be added to existing agreements, renewals, or new agreements executed after the circular's effective date.
Also Read: Playing your cards right: How to win the Credit Card Debt Battle?
Card portability is a new feature that will allow Indian consumers to switch their cards (credit, debit, or prepaid) from one network to another, just as they can switch between their mobile phone networks. This will lead to increased competition in the card network market, which could lead to lower fees and better services for consumers. Card portability will also make it easier for consumers to switch to a different card network if they are unhappy with their current one.
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