Debit Card, Credit Card Rule: Can't Use New Card for Online Transactions? Know How to Activate it
3 years, 7 months ago

Debit Card, Credit Card Rule: Can't Use New Card for Online Transactions? Know How to Activate it

News 18  

Amid rising cases of banking frauds in the country, the Reserve Bank of India has introduced several measures for secure debit and credit card transactions. For online transactions: To enable any other facilities including online transactions, international transactions and contactless transactions in the debit and credit cards, customers need to approach the bank. How to activate online transactions in your debit and credit cards: Cardholders have to call a toll-free number of the bank and follow the instructions to set the transaction preferences. If cardholders have not used their card for online transaction, international transactions and contactless transactions before, the bank will have an option to disable their cards for those transactions, RBI said.

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History of this topic

Safeguarding credit cards: How to disable payment modes and set transaction limits?
3 weeks, 6 days ago

Safeguarding credit cards: How to disable payment modes and set transaction limits?

Live Mint  

You must have read media reports about how credit card customers received email/SMS messages about fraudulent transactions done on their credit cards from foreign locations. For example, the screenshot above shows how you can enable or disable international transactions on your HDFC Bank credit card. Unless needed for some specific transaction or when you are travelling abroad, it is advised …

A Journey Through the History of Credit Cards: From Ancient Origins to Modern Convenience
2 months ago

A Journey Through the History of Credit Cards: From Ancient Origins to Modern Convenience

Live Mint  

A comprehensive overview of the history of credit cards, from their inception to the modern-day digital landscape. The article explores key milestones in the evolution of credit cards, including the introduction of credit cards by individual retailers, the development of general-purpose credit cards, and the rise of online and mobile payments.

Mastercard Wants to Get Rid of Card Numbers for Online Shopping
3 months, 3 weeks ago

Mastercard Wants to Get Rid of Card Numbers for Online Shopping

Live Mint  

-- Mastercard Inc. is expanding its efforts to eliminate the use of credit card numbers when customers make purchases online in a bid to fight fraud. A decade after it first unveiled a technology that replaces consumers’ card numbers with so-called tokens, the company is now processing 1 billion such transactions every week, Chief Executive Officer Michael Miebach said in …

Tech Tonic | The gaps in India’s digital payments ecosystem need plugging
7 months, 4 weeks ago

Tech Tonic | The gaps in India’s digital payments ecosystem need plugging

Hindustan Times  

There is little doubt that Indians are spending more than ever before. You cannot use your credit card or debit card for subscriptions and recurring payments on the Apple App Store or the Google Play Store, be it for any app or service. Then there was a pursuit of getting RuPay credit cards aboard the UPI or unified payments interface. …

RBI issues draft guidelines on payment aggregators | Check details
8 months, 1 week ago

RBI issues draft guidelines on payment aggregators | Check details

India TV News  

Aiming to boost the payment ecosystem, The Reserve Bank of India on Tuesday issued draft guidelines to further strengthen regulations on payment aggregators. "Given the growth in digital transactions and the significant role that PAs play in this space, the current directions on PAs are proposed to be updated and cover, inter alia, KYC and due diligence of merchants, operations …

RBI to introduce offline eRupee transactions soon: Shaktikanta Das
10 months, 2 weeks ago

RBI to introduce offline eRupee transactions soon: Shaktikanta Das

The Hindu  

Digital Rupee users will soon be able to execute transactions in areas with limited internet connectivity as the Reserve Bank of India on February 8 announced that offline capability will be introduced on the Central bank digital currency pilot project. RBI Governor Shaktikanta Das said that programmability-based additional use cases will be introduced as part of the pilot project. "It …

‘Pay… Paid’: How India plans to put paid to frauds adding delay to first-time digital payments of over Rs 2,000
1 year ago

‘Pay… Paid’: How India plans to put paid to frauds adding delay to first-time digital payments of over Rs 2,000

Firstpost  

In order to curb scams that use online transactions, the government of India is thinking of ways to add some friction bewteen first time transactions between two parties, if the amount is over Rs 2,000 The government of India is planning to add friction in the way first-time online transitions are done between two parties, in order to combat online …

RBI unveils new card-on-file tokenisation for debit and credit cards users. Details here
1 year, 2 months ago

RBI unveils new card-on-file tokenisation for debit and credit cards users. Details here

Live Mint  

The RBI governor, Shaktikanta Das, has recently put forward a proposal to implement card-on-file tokenisation functionality at the issuer-bank level in India, reported TOI. While card tokenisation represented a significant reform aimed at bolstering the security of online transactions, the Reserve Bank of India has now introduced an additional layer of protection. As previously mentioned, the RBI has introduced fresh …

Explained | RBI’s proposal for interoperability of credit and debit cards
1 year, 4 months ago

Explained | RBI’s proposal for interoperability of credit and debit cards

The Hindu  

The story so far: On July 5, apex banking regulator Reserve Bank of India floated a draft circular seeking comments from stakeholders about mandating that card issuers provide their customers with the choice of multiple card networks. The regulator has also proposed that cards be issued across more than one network, with issuers not enteringinto any arrangement or agreement with …

The Maths behind the rise in credit card transactions in India
1 year, 6 months ago

The Maths behind the rise in credit card transactions in India

Live Mint  

Rise in credit card transactions in India: After the Unified Payments Interface, now credit card transactions have surpassed debit card usage in India. When compared to debit cards, credit card transactions had a total value of ₹1.33 lakh crore as opposed to ₹53,000 crore. Historically dominated by debit card transactions, the shift towards credit cards is driven by several factors, …

How can you make payments using a credit card via UPI: Step-by-step guide
1 year, 8 months ago

How can you make payments using a credit card via UPI: Step-by-step guide

India TV News  

The National Payments Corporation of India has collaborated with payment aggregators such as Google Pay, Paytm, and Razorpay to allow credit card transactions over the Unified Payments Interface. This comes after the Reserve Bank of India linked RuPay credit cards to UPI in an effort to combine the benefits of both, providing customers with the quick payment experience of UPI …

No charges on using RuPay credit card for UPI transactions less than ₹2,000
2 years, 2 months ago

No charges on using RuPay credit card for UPI transactions less than ₹2,000

Hindustan Times  

The National Payments Corporation of India in a circular has said unified payments interface transactions up to ₹2,000 for RuPay credit card user won't be charged. Earlier, Reserve Bank of India's deputy governor T Rabi Sankar had said that the basic objective of linking the credit cars to UPI is to provide a customer with wider choice of payments. Earlier, …

New rules for debit, credit cards kick in with tokenisation from today | FULL DETAILS
2 years, 2 months ago

New rules for debit, credit cards kick in with tokenisation from today | FULL DETAILS

India TV News  

Highlights RBI made it mandatory for all credit, debit card data to be replaced with unique tokens by Sept 30 Added security layer by way of tokenisation is expected to enhance users' digital payment experience The deadline was extended multiple times over the past two years at the request of stakeholders Debit credit cards tokenisation: The Reserve Bank of India …

RBI unlikely to extend 30 September deadline for credit, debit cards
2 years, 2 months ago

RBI unlikely to extend 30 September deadline for credit, debit cards

Live Mint  

India's central bank is unlikely to extend a Friday deadline for businesses to set up an additional layer of security for consumers' credit card data even after some concerns remain over payments failing and revenue losses, say bankers and merchants. Three years ago, India embarked on a mammoth exercise to secure card data by requiring businesses to tokenise cards by …

Credit Card, Debit Card New Rules from Next Month: All You Need to Know About Tokenisation
2 years, 3 months ago

Credit Card, Debit Card New Rules from Next Month: All You Need to Know About Tokenisation

News 18  

The last date to tokenise your credit cards and debit cards is fast approaching, and if you do not follow this new mandate by the Reserve Bank of India, you may have to give more time while making online payments. After a host of delays in implementation, the credit card and debit card tokenisation rules will come into effect from …

Digital currency to bring down time, cost for cross-border transactions: RBI’s Sankar
2 years, 3 months ago

Digital currency to bring down time, cost for cross-border transactions: RBI’s Sankar

The Hindu  

Central bank digital currency, to be launched this year, could become a tool for reducing time and cost for cross-border transactions, Reserve Bank Deputy Governor T. Rabi Sankar said on Wednesday. Explained | RBI’s digital currency plans Observing that India has an excellent, cheap and fast domestic payments system, he said the cost of cross-border payment, however, is still high. …

SBI Cards ready in all networks for card tokenisation ahead of RBI’s deadline
2 years, 3 months ago

SBI Cards ready in all networks for card tokenisation ahead of RBI’s deadline

Live Mint  

Pure play credit card company, SBI Cards & Payment Services is ready in all networks to move towards card tokenisation. To tackle risks involving card storage data, RBI mandated entities other than card networks and card issuers to not store debit or credit card data with them. Mohan Rao Amara, MD & CEO, SBI Cards and Payment Services on Thursday …

Credit Card, Debit Card Tokenisation From July 1: How to Tokenise Cards, Key Details
2 years, 6 months ago

Credit Card, Debit Card Tokenisation From July 1: How to Tokenise Cards, Key Details

News 18  

Come July 1, debit card and credit card rules with regard to online payments will change for customers across India. This is because the Reserve Bank of India is set to implement the credit card and debit card tokenisation rule whereby online merchants will not be allowed to store customer data on their servers so as to protect their privacy. …

Debit Card, Credit Card Online Payment Rule Changes from Next Month: Know Details
2 years, 6 months ago

Debit Card, Credit Card Online Payment Rule Changes from Next Month: Know Details

News 18  

Debit, Credit Card Tokenisation: From next month, every Indian who does online transactions using a debit or credit card will have to remember their card details every time they make a payment as these rules are going to change from July 1. From this date, the Reserve Bank of India, or RBI, which is in charge of setting banking rules …

RBI unveils Payments Vision 2025 with intent to increase e-payments
2 years, 6 months ago

RBI unveils Payments Vision 2025 with intent to increase e-payments

India TV News  

Highlights The core theme of the vision documents is E-Payments for Everyone, Everywhere, Everytime The volume of cheque-based payments are expected to be less than 0.25% of total retail payments UPI is expected to register average annualised growth of 50% and IMPS/ NEFT at 20% The RBI on Friday came out with its 'Payments Vision 2025' document which seeks a …

Debit, Credit Card Rule Changes Next Month: Enter Card Number for Every Online Payment or Do This
2 years, 6 months ago

Debit, Credit Card Rule Changes Next Month: Enter Card Number for Every Online Payment or Do This

News 18  

Debit, Credit Card Tokenisation: The Reserve Bank of India or the RBI, being thhe central bank of the country, is in charge of protecting the security of all citizens in India who carry out bank transactions. With an aim to protect the security of customers, the RBI last year issued debit card and credit card tokenisation guidelines whereby merchants were …

Debit Card, Credit Card Online Payment Tokenisation Rule Ready to be Implemented, Says RBI
2 years, 6 months ago

Debit Card, Credit Card Online Payment Tokenisation Rule Ready to be Implemented, Says RBI

News 18  

RBI MPC Meet: Reserve Bank of India deputy governor T Rabi Sankar on Wednesday, June 8, said that the payments ecosystem in India is ‘by and large prepared’ for implementation of the tokenisation system for card-based transactions, including online transactions. The RBI deputy governor’s comments came weeks ahead of the June 30 deadline after which the new tokenisation norms will …

SBI Customers Alert! Using UPI, Debit Card, Mobile Banking? Follow These Steps to Avoid Frauds
2 years, 7 months ago

SBI Customers Alert! Using UPI, Debit Card, Mobile Banking? Follow These Steps to Avoid Frauds

News 18  

SBI Digital Transaction: The State Bank of India, or SBI, on Monday shared a list of guidelines with its users while doing digital transactions. – Try using unique and complex passwords – Remember to change passwords frequently – Never disclose, store or write down your user ID, passwords or PIN – Remember, Bank never asks for your user ID/passwords/Card No/PIN/Passwords/CVV/OTP …

RBI new rules on issue of credit cards, debit cards: All you need to know
2 years, 8 months ago

RBI new rules on issue of credit cards, debit cards: All you need to know

Hindustan Times  

The Reserve Bank of India on Thursday announced new rules for the issue of credit cards and debit cards, as well as directions to issuing agencies. these Directions relating to debit cards shall apply to every bank operating in India." Consent for the issue of cards must be explicit; written consent is needed before a credit card can be issued. …

Cardless cash withdrawal via UPI at all banks' ATMs soon | How will this benefit you
2 years, 8 months ago

Cardless cash withdrawal via UPI at all banks' ATMs soon | How will this benefit you

India Today  

The Reserve Bank of India on Friday decided to permit all banks to introduce card-less cash withdrawal through ATMs. "It is now proposed to make card-less cash withdrawal facility available across all banks and ATM networks using the UPI. The RBI said that the absence of a need for a card to initiate cash withdrawal transactions would help in containing …

Explained | What is tokenisation of debit and credit cards?
2 years, 11 months ago

Explained | What is tokenisation of debit and credit cards?

The Hindu  

The story so far: The Reserve Bank of India on December 23 extended the deadline given to online merchants and financial payments companies for the tokenisation of card data used for online transactions. It wanted to put an end to the practice of online merchants storing the card details of customers, which the Central bank believed could lead to misuse …

New Online Card Payment Rules Delayed To July 2022: Details
2 years, 11 months ago

New Online Card Payment Rules Delayed To July 2022: Details

News 18  

Apps and websites like Amazon, Flipkart, Zomato, and more will not be able to save your card information on their platforms, according to new guidelines from the Reserve Bank of India. In a press release, RBI said that tokenisation of card data shall be done with explicit customer consent requiring additional authentication. Tokenisation helps apps to replace card details with …

RBI's push for card security to hit merchants, lenders
3 years ago

RBI's push for card security to hit merchants, lenders

The Hindu  

The Reserve Bank of India's plans to move towards card tokenisation is likely to hit a wide range of companies from major e-commerce firms and food delivery firms to lenders, while increasing the use of cash, said industry sources and bankers. "Introducing an additional step in payments adds friction and several studies show that customers may end up dropping out …

RBI to soon float paper on reasonableness of charges on transactions via digital payments
3 years ago

RBI to soon float paper on reasonableness of charges on transactions via digital payments

India TV News  

With a view to make digital transactions more affordable, the Reserve Bank of India will soon come out with a discussion paper on the reasonableness of charges on transactions through digital mode. Observing that concerted efforts by all stakeholders have led to a significant increase in digital payments in recent years, RBI Governor Shaktikanta Das said there have, however, been …

Visa launches India’s first card-on-file tokenization service
3 years, 2 months ago

Visa launches India’s first card-on-file tokenization service

Live Mint  

Digital payments firm, Visa, has launched India’s card-on-file tokenization services in India, in line with the recently issued Reserve Bank of India guidelines. It further added that RBI’s new guidelines are expected to enhance consumer trust in e-commerce payments, ensure seamless transaction experience as well allow card issuers the comfort of authorizing a higher number of transactions. Ramachandran, group country …

Debit Card, Credit Card Auto Payment to Fail from Today If you Don't Follow New Rule
3 years, 2 months ago

Debit Card, Credit Card Auto Payment to Fail from Today If you Don't Follow New Rule

News 18  

To ensure the security of transactions, the Reserve Bank of India mandated a new rule for the auto-debiting facility of banking transactions that were set to take effect from October 1, Friday. To prevent any inconvenience to the customers, Reserve Bank has decided to extend the timeline for the stakeholders to migrate to the framework by six months, i.e., till …

Credit card, debit card payment: New rule on auto-debit transactions from next month
3 years, 3 months ago

Credit card, debit card payment: New rule on auto-debit transactions from next month

Live Mint  

Starting from next month, the auto-payment rules are likely to be changed. The Reserve Bank of India earlier stated that recurring transactions using debit cards, credit cards, Unified Payments Interface or other prepaid payment instruments will need additional factor authentication. “As per RBI guidelines on ‘Processing of e-mandate on cards for recurring transactions’, effective 1st October 2021, existing/new Standing Instructions …

Explained | Why has the RBI barred Mastercard from issuing new cards in India?
3 years, 5 months ago

Explained | Why has the RBI barred Mastercard from issuing new cards in India?

The Hindu  

The story so far: The Reserve Bank of India on Wednesday banned Mastercard from issuing new debit and credit cards to customers in India with effect from July 22. In 2018, the Indian central bank had issued a circular ordering card companies such as Visa, Mastercard, and American Express to store all Indian customer data locally so that the regulator …

Will your Debit and Credit Card be Valid India after RBI's Ban on Mastercard? Read Here
3 years, 5 months ago

Will your Debit and Credit Card be Valid India after RBI's Ban on Mastercard? Read Here

News 18  

The Reserve Bank of India has imposed restrictions on Mastercard Asia or Pacific Pte. The Reserve Bank of India said that Mastercard had not complied with rules requiring foreign card networks to store payments data in India. The Reserve Bank of India has prohibited Mastercard from issuing debit card, credit card or prepaid cards to new customers, starting from July …

RBI restricts Mastercard from acquiring new customers from July 22
3 years, 5 months ago

RBI restricts Mastercard from acquiring new customers from July 22

Hindustan Times  

The Reserve Bank of India on Wednesday barred Mastercard Asia Pacific from onboarding new debit, credit, or prepaid card customers from July 22, 2021, for failing to comply with its data storage norms. The central bank said that Mastercard failed to comply with the “directions on Storage of Payment System Data” even after being given “considerable time and adequate opportunities.” …

RBI Bars Mastercard from Acquiring New Customers in India from July 22
3 years, 5 months ago

RBI Bars Mastercard from Acquiring New Customers in India from July 22

News 18  

The Reserve Bank on Wednesday barred Mastercard Asia Pacific from onboarding new credit, debit and prepaid card customers with effect from July 22 as it failed to comply with data storage norms. Taking action against Mastercard, RBI said, "notwithstanding lapse of considerable time and adequate opportunities being given, the entity has been found to be non-compliant with the directions on …

RBI defers rules on auto debit transactions till Oct
3 years, 8 months ago

RBI defers rules on auto debit transactions till Oct

Live Mint  

The Reserve Bank of India on Wednesday deferred new rules on automatic debit by six months, in a relief to banks, customers and the digital payments ecosystem unprepared for the 31 March deadline. A central bank notification said the industry has not fully implemented the new framework it announced in August 2019, and that “non-compliance will be dealt with seriously”. …

Online automatic transactions will not fail from April 1, RBI extends deadline by 6 months
3 years, 8 months ago

Online automatic transactions will not fail from April 1, RBI extends deadline by 6 months

India Today  

The Reserve Bank of India has now extended the timeline for implementation of new guidelines for automatic payment system by six months. Previous reports had noted that the RBI had refused to grant an extension to banks following which banks started notifying customers about failure in automatic recurring payments from April 1. For transactions above Rs 5000, banks will also …

Digital Payment Security Control Rules Incoming For UPI And Credit Cards: How Does This Impact You?
4 years ago

Digital Payment Security Control Rules Incoming For UPI And Credit Cards: How Does This Impact You?

News 18  

The Reserve Bank of India has confirmed that they will be releasing the new digital payment security control rules. The Reserve Bank of India Directions, 2020 will come at a time when digital transactions are at their highest in terms of popularity as well as transaction value and will cover multiple instruments and methods including internet banking, mobile banking, UPI …

Banks Can Now Disable Debit Or Credit Cards For Online Transactions. Know What It Means To You
4 years, 2 months ago

Banks Can Now Disable Debit Or Credit Cards For Online Transactions. Know What It Means To You

ABP News  

In order to secure banking transactions and curb misuse of cards, the central bank has issued new guidelines that have been effective starting October. CBDT Extends Belated, Revised ITR Filing Deadline For AY 2019-20 | Check Details From this month onward, all the new debit and credit cards issued by banks will only be enabled for domestic transactions at ATMs …

Debit Card, Credit Card new rules come into force from October 1. All you need to know
4 years, 2 months ago

Debit Card, Credit Card new rules come into force from October 1. All you need to know

India TV News  

In an attempt to make online and card payments more secure, the Reserve Bank of India has issued new guidelines that will be effective from October 1, 2020. RBI's new guidelines for Credit, Debit card holders: As per new rules, people will now be able to register for preferences such as opt-in or opt-out services, spend limits and other services …

SBI ATM-cum-debit card gets new safety feature
4 years, 3 months ago

SBI ATM-cum-debit card gets new safety feature

Live Mint  

State Bank of India customers can now block transactions on their ATM-cum-debit card via SMS. SBI's new facility for debit card users will help curb the ATM frauds which have been on the rise. Other ways to block ATM-cum-debit cards are through customer care call, net banking and SBI Quick app. SBI recommends that customers should conduct ATM transactions in …

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