Credit Card Users Can Now Choose Between Visa, Mastercard, RuPay & 'Port' To New Platform (Check Dates, Features)


Sheetal Bhalerao

Sheetal Bhalerao

Jul 12, 2023


Starting October 1, 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.

Credit Card Users Can Now Choose Between Visa, Mastercard, RuPay & 'Port' To New Platform (Check Dates, Features)

Credit, Debit, Prepaid Card Users Will Be Porting Networks

It is as simple as porting one’s mobile numbers from one telecom network to another.

Now, they will  be able to port credit, debit and prepaid cards between Visa, MasterCard, RuPay or any other network of their choice.

In a circular, the Reserve Bank of India said that credit, debit or prepaid card users will be able to switch or select their preferred card network in a shift from the current practice.

How Does Card Portability Help?

With the help of Card portability, credit, debit, and prepaid card customers will be able to switch between any card network of their choice like Visa, MasterCard, RuPay, others. 

It is noteworthy here that this practice will not impact user’s card accounts, balances and card usage history.

As of now, customers don’t get to choose their preferred card network when they apply for any card service.

Till date, this is something decided between networks and card issuer.

When you apply for a debit or credit card, you usually don’t get to choose the network provider as it is decided by the card issuer. 

Presently, American Express Banking Corp., Diners Club International Ltd., MasterCard Asia/ Pacific Pte. Ltd., National Payments Corporation of India – Rupay, and Visa Worldwide Pte. Limited are the authorized card networks in India.

For example, whenever you apply for a debit or credit card, it always has either Visa, Mastercard, Diners Club or RuPay written on it. 

However, the consumer does not get to decide whom they want to choose .

All this while, your bank has been choosing your card network provider for you. 

But soon this is going to change with this new implementation.

The current arrangement existing between card networks and card issuers (banks and non-banks) are not conducive to the availability of choice for customers, RBI noted.


Sheetal Bhalerao
Sheetal Bhalerao
  • 796 Posts

Subscribe Now!

Get latest news and views related to startups, tech and business

You Might Also Like

Business
Dec. 8, 2022

Beat The Burden Of Medical Inflation With A Health Insurance

As disease rates rise and medical technology develops, treatment costs climb. It’s essential to understand that medical costs are not exclusively associated with hospitals. The cost of prescription drugs, diagnostic procedures, ambulance and operating room fees, consultations with doctors, and other costs are also constantly increasing. All of them could put a big strain on […]

Business
Dec. 8, 2022

3 Biggest Changes Of iOS 16.2 Update That Every iPhone User Should Know!

In its latest update Apple said that it is preparing for the iOS 16.2 update for iPhones across the world. Notably, like the previous release, there are a couple of changes coming for the iPhones.  iOS 16.2 Update Release Date So far, Apple has not announced a release date for iOS 16.2 update. Reportedly, the […]

Business
Dec. 8, 2022

300 Microsoft Employees Create Employee Union, First Time Ever: This Is How Microsoft Reacted

Around 300 workers at Microsoft Corp.’s ZeniMax Studios have commenced the process of forming a union which is said to be the first at the software giant in the US.  Here, Microsoft Corp.’s ZeniMax Studios known for popular video games including Skyrim and Fallout. Forming Union In Microsoft Corp Moreover, the quality assurance employees at […]

Business
Dec. 7, 2022

India Beats China In Air Travel Safety: Ranking Jumps From 102 To 48 In Global Aviation Safety

India’s air safety protocols and executions have improved drastically over the years, as validated by the findings of a specialized agency of the United Nations, the International Civil Aviation Organization or ICAO. The UN watchdog has upgraded India’s ranking in terms of aviation safety to the 48th position, jumping past the rankings of countries like […]

Recent Posts

Related Videos

   

Subscribe Now!

Get latest news and views related to startups, tech and business

who's online