Credit-debit card portability: Credit, debit and prepaid card prospects in India will have extra flexibility when it comes to selecting their service operators as they will be able to port their networks from October 1.
Just like folks port their cell numbers from one telecom community to one other, they will now be able to port credit score, debit and pre-paid playing cards between Visa, GraspCard, RuPay or their community of alternative.
Credit, debit or prepaid card users will be able to swap or choose their most popular card community in a shift from the present apply, the Reserve Bank of India stated in a round.
What does card portability imply?
Card portability signifies that credit score, debit, and prepaid card prospects will be able to swap between any card community of their alternative like Visa, GraspCard, RuPay, others. This apply will not affect person’s card accounts, balances, card utilization historical past.
According to present apply, prospects do not get to select their most popular card community after they apply for any card service, as that is one thing determined between networks and card issuer.
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