From Oct 1, credit, debit, prepaid card users will be able to port networks
Credit, debit or prepaid card users will be able to switch or select their preferred card network in a shift from the current practice, the Reserve Bank of India said in a circular.
Credit-debit card portability: Credit, debit and prepaid card customers in India will have more flexibility in terms of choosing their service operators as they will be able to port their networks from October 1.
Just like people port their mobile numbers from one telecom network to another, they will now be able to port credit, debit and pre-paid cards between Visa, MasterCard, RuPay or their network of choice.
Credit, debit or prepaid card users will be able to switch or select their preferred card network in a shift from the current practice, the Reserve Bank of India said in a circular.
What does card portability mean?
Card portability means that credit, debit, and prepaid card customers will be able to switch between any card network of their choice like Visa, MasterCard, RuPay, others. This practice will not impact user's card accounts, balances, card usage history.
According to current practice, customers don't get to choose their preferred card network when they apply for any card service, as this is something decided between networks and card issuer.
ALSO READ | Finance Ministry asks IBA to finalise wage revision of bankers of PSU banks by Dec 1
ALSO READ | Centre brings Goods and Services Tax Network under PMLA | Here is why