{"id":1247308,"date":"2023-07-07T09:04:43","date_gmt":"2023-07-07T03:34:43","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1247308"},"modified":"2023-07-07T09:04:43","modified_gmt":"2023-07-07T03:34:43","slug":"credit-card-users-can-now-choose-between-visa-mastercard-rupay-can-switch-between-them","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/credit-card-users-can-now-choose-between-visa-mastercard-rupay-can-switch-between-them\/","title":{"rendered":"Credit Card Users Can Now Choose Between Visa, MasterCard, RuPay, Can Switch Between Them!"},"content":{"rendered":"\n<p>The newly proposed <a href=\"https:\/\/www.bqprime.com\/economy-finance\/rbis-draft-rules-for-card-issuers-may-let-customers-switch-card-networks\">rules<\/a> by the Reserve Bank of India may compel card issuers to stay away from exclusive agreements with card networks such as Mastercard, Visa, or RuPay.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/07\/Untitled-design-13-3-1-1280x720-1-1024x576.jpeg\" alt=\"Credit Card Users Can Now Choose Between Visa, MasterCard, RuPay, Can Switch Between Them!\" class=\"wp-image-1247315\" srcset=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/07\/Untitled-design-13-3-1-1280x720-1-1024x576.jpeg 1024w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/07\/Untitled-design-13-3-1-1280x720-1-300x169.jpeg 300w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/07\/Untitled-design-13-3-1-1280x720-1-768x432.jpeg 768w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/07\/Untitled-design-13-3-1-1280x720-1.jpeg 1280w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><strong>Availability Of Choices For Customers<\/strong><\/p>\n\n\n\n<p>Notably, these newly proposed rules would be applicable&nbsp; to both banks and non-banking financial companies which participate in issuing credit cards, debit cards, or prepaid cards.&nbsp;<\/p>\n\n\n\n<p>According to a draft circular released by the central bank on Wednesday, &#8220;On a review, it is observed that arrangements existing between card networks and card issuers (banks and non-banks) are not conducive to the availability of choice for customers.&#8221;<\/p>\n\n\n\n<p>Besides prohibiting exclusive relationships between card issuers and card networks, the draft circular also proposes that the Card issuers shall have to issue cards on more than one card network.&nbsp;<\/p>\n\n\n\n<p>This way, card issuers shall give customers the option to choose between card networks\u2014both at the time of issuance and at any subsequent time.&nbsp;<\/p>\n\n\n\n<p>From October 1, the proposed rules are set to come into effect.&nbsp;<\/p>\n\n\n\n<p>This circular has been placed on the RBI&#8217;s website.<\/p>\n\n\n\n<p>On this matter, the central bank has invited comments from stakeholders, which are to be submitted by Aug. 4.&nbsp;<\/p>\n\n\n\n<p><strong>More Competition For Network Companies<\/strong><\/p>\n\n\n\n<p>By giving eligible customers the choice to switch between card networks could also make the overall playing field more competitive for network companies.<\/p>\n\n\n\n<p>Basically, a network like RuPay could have a leg up by offering UPI services on credit cards, which other networks currently do not.&nbsp;<\/p>\n\n\n\n<p>When it comes to India, besides Mastercard, Visa, and RuPay, American Express and Diners Club also operate card networks in the country.<\/p>\n\n\n\n<p>It appears that several banks have exclusively tied up \u2013 informally with card networks in order to offer their services whether the customers prefer them or not.&nbsp;<\/p>\n\n\n\n<p>At one side,India\u2019s leading two private banks have tied up with Visa and the other one offers only the network of MasterCard.<\/p>\n\n\n\n<p>The RBI said, \u201cIt is observed that arrangements existing between card networks and card issuers (banks and non-banks) are not conducive to the availability of choice for customers.\u201d&nbsp;<\/p>\n\n\n\n<p>In some earlier occurrences, few banks have been forcefully asking customers to accept particular card networks.<\/p>\n\n\n\n<p>Two years ago, the RBI had indefinitely barred Mastercard, American Express and Diners Club from issuing new debit, credit or prepaid cards to customers over noncompliance with local data storage rules but lifted the ban later.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The newly proposed rules by the Reserve Bank of India may compel card issuers to stay away from exclusive agreements with card networks such as Mastercard, Visa, or RuPay. Availability Of Choices For Customers Notably, these newly proposed rules would be applicable&nbsp; to both banks and non-banking financial companies which participate in issuing credit cards, [&hellip;]<\/p>\n","protected":false},"author":27,"featured_media":1247315,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[1448,2063,37],"class_list":["post-1247308","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-credit-card","tag-mastercard","tag-visa"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Credit Card Users Can Now Choose Between Visa, MasterCard, RuPay, Can Switch Between Them! - Trak.in - Indian Business of Tech, Mobile &amp; Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/credit-card-users-can-now-choose-between-visa-mastercard-rupay-can-switch-between-them\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Credit Card Users Can Now Choose Between Visa, MasterCard, RuPay, Can Switch Between Them! - Trak.in - Indian Business of Tech, Mobile &amp; Startups\" \/>\n<meta property=\"og:description\" content=\"The newly proposed rules by the Reserve Bank of India may compel card issuers to stay away from exclusive agreements with card networks such as Mastercard, Visa, or RuPay. 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