Similar to the network portability among various service providers, such as Vodafone, Airtel, or Jio, credit card users will also be able to switch between the card network, such as RuPay, MasterCard, Visa, etc.
This facility has been announced by the Reserve Bank of India and the users can avail themselves of this service from 1 October 2023. This facility will eliminate the limitation the credit users had earlier and would offer the card users enhanced benefits, low annual cost, and improved customer service for retention of the customer.
Here are more details regarding credit card portability.
Card network involves financial transactions and communication between cardholders, issuers, and merchants. This financial infrastructure facilitates settlement of card transactions, authorisation, and clearing financial transactions. Some of the card network available in India that are developed by the National Payments Corporation of India (NPCI) are Diners Club International, RuPay, American Express, MasterCard, and Visa.
The portability of credit card network is an ability of the cardholders that allows them to choose their desired card network as facilitated by the issuer. The existing regulation as prescribed by the Reserve Bank of India (RBI), cardholders do not have enough choice between card network and issuers. From 5 July 2023, cardholders will have multiple network options as per the guidelines by the Central Bank. This initiative enhances competition and innovation among various payment networks, improves flexibility, reduces card prices, and offers incentive and rewards to maximize the banking experience.
Here are the two main reasons as to why credit card portability is important:
The following are the reasons why credit card portability is beneficial:
No, you cannot switch from one bank to another, but you can switch to another card network. This is not possible because credit card issuers issues card based on prior history or premium debit card based depending on the relationship with issuing bank. In the case of porting to another card of a bank where you are a new customer, it may not be possible as the eligibility criteria and associative privileges may be different.
The following are some of the positive changes of credit card portability for consumers:
You can port your card network at the time of renewal, issuance of the card, or if the fresh agreement is executed after the circular date (4 August 2023).
The timeline provided to the bank is less than 90 days to implement these changes and the proposed implementation date is 1 October 2023.
As per one of the key provisions of RBI, the cardholders are restricted from utilising the other card networks’ services to ensure enhanced flexibility and access to the customers.
Yes, more than one card network can be issued by the card issuers.
According to the draft circular of the Reserve Bank of India (RBI), card issuers are restrained from entering into the agreements that limit the restrict the ability of the issuer to form partnership with other card networks.
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