Exciting news for credit card users! You’re no longer stuck with the network your bank chooses for you. Thanks to the RBI’s latest move, the power to pick your card network is in your hands!Understanding RBI Directives for Card Issuer Bank
The Reserve Bank of India (RBI) has given credit and debit card customers more options with its most recent circular on card networks.
On March 6, the RBI published a circular banning card issuers—banks and non-banks—from signing contracts with card networks that limit their ability to use other card networks’ services.
The two most common card payment networks in the world, Visa and Mastercard, are joined by networks such as American Express, Diners Club International, and RuPay. The National Payments Corporation of India (NPCI) created RuPay, an indigenous card payment network in India.
When a card is issued, the central bank supports banks and non-banks to provide their clients with the choice of selecting from a number of different card networks. This option must be shown to current clients when their cards need to be renewed. But credit card companies that only offer up to 10.
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Visa
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In the realm of RuPay credit cards, Mandal notes, “Visa or Mastercard often provide superior rewards.”
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RuPay Card
In seven years, RuPay transformed the nation’s retail payments, endorsed by President Shri Pranab Mukherjee and Prime Minister Shri Narendra Modi. It’s now the top choice for the Pradhan Mantri Jan Dhan Yojana.
While not an RBI objective, this circular aims to boost RuPay card adoption. RBI data shows RuPay credit cards at a 3% market share in January 2022; RuPay debit cards dominate with 65%.
Card issuers must explicitly offer customers a choice of card networks, with many likely opting for RuPay.
In the realm of RuPay credit cards, Mandal notes, “Visa or Mastercard often provide superior rewards.”
Dive into a new world of perks with the RuPay Select card! Mandal insists it’s a top-notch choice, offering complimentary health check-ups, relaxing spa services, and a safety net with personal accident insurance and disability cover up to Rs 10 lakh. Don’t miss out on these exclusive benefits!
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Mastercard
Mastercard streamlines credit and debit card payments between merchants’ banks and card-issuing banks.
Mastercard employs its global payments network, referred to as the core network, for seamless transactions between account holders, merchants, and their financial institutions.
