Debit Cards

Co-branded credit card share likely to double by FY28: Visa's Rishi Chhabra

Spends are 20% higher than traditional cards

Visa faces US DOJ antitrust case over illegally monopolising debit card mkt

The government's allegations include that Visa made exclusive agreements to hinder the expansion of competing networks and thwarted efforts by technology companies to enter the market

RBI slaps fine of Rs 2.4 crore on Visa for unauthorised payment method

The central bank has aimed to tighten scrutiny of the processes followed by financial technology, or fintech, companies

Visa, Mastercard to extend non-EU tourist card fee caps to 2029, says EU

Visa, the world's largest payments network operator, and its closest rival Mastercard, in 2019 agreed to a 0.2% fee cap on non-EU debit card payments

Visa appoints Sujai Raina as India head; to oversee strategic initiatives

Digital payments platform Visa on Tuesday said it has appointed Sujai Raina as the country manager for India. Besides, Sandeep Ghosh will continue in his role as Group Country Manager for India and South Asia. He will oversee operations in India and other markets in the subcontinent, including Bangladesh, Sri Lanka, Nepal, Bhutan and the Maldives, Visa said in a statement. Raina will be responsible for the India business, leading and executing Visa's strategic initiatives for the market, partnering with clients and the payments ecosystem. In addition to his responsibilities as Country Manager, he will continue to lead business development for Visa in India, the statement said. Raina joined Visa in 2020 and previously served as Vice President and Head of Business Development, India. "India's growth trajectory, and the scale and sophistication of its payment systems, presents a significant opportunity for the continued growth of secure digital payments, driving cash displacement, ..

RBI tightens norms for credit, debit cards used with business accounts

Last month, the RBI had ordered Visa to stop using an unauthorized route to make business-to-business card payments which used fintech companies as an intermediary

Visa, Mastercard top executives meet RBI officials after BPSP biz hit

Banking regulator issue directions to card networks, fintechs to put on hold all commercial card-based transactions made by firms

UPI is king but 75% of online transactions are still through credit cards

Credit cards also appeat to be most dominant in West and South India as 75-80% of credit cards are issued in Western and Southern India.

Avg ticket size on UPI dips 10%, rises 22.6% on cards in H12023: Report

The ATS of P2M transactions dipped 21 per cent from Rs 839 in H1 2022 to Rs 659 in H1 2023

Debit card usage slow for three years and UPI transactions up 428%

In August, UPI transactions hit 10 billion for the first time in a month. Monthly UPI payments are clocking more than Rs 15 trillion

Rupay forex card out soon: Should you pick one over a credit/ debit card?

When you are travelling abroad you have broadly three easy options for making transactions - Prepaid cards, Debit Cards and Credit Cards.

Debit card-based ATM withdrawals up 235% since demonetisation: Report

The cash in circulation in the Indian economy has more than doubled since demonetisation

No TCS on overseas payment via international credit, debit cards: FinMin

The government on Friday said no TCS will be levied on international spending of up to Rs 7 lakh a year by using debit or credit cards. Facing backlash from a wide section of people, the Finance Ministry said the move is aimed at removing procedural ambiguity with regard to Liberalised Remittance Scheme (LRS) and the levying of Tax Collected at Source (TCS). The ministry's decision earlier this week to bring international credit card spending under the RBI's liberalised remittance scheme (LRS) and the consequent levy of 20 per cent TCS has evoked sharp reactions from experts and stakeholders. "To avoid any procedural ambiguity, it has been decided that any payments by an individual using their international Debit or Credit cards up to Rs 7 lakh per financial year will be excluded from the LRS limits and hence, will not attract any TCS," the ministry said in a statement. Currently, payments of up to Rs 7 lakh for medical treatment abroad and towards education do not attract TCS. TCS

JCB partners with NPCI to offer 40% cashback for RuPay JCB cardholders

All RuPay JCB Debit & Credit Cardholders will be offered 40% cashback on in-store purchases in the UAE, Thailand, Malaysia and Spain

NPCI plans more tie-ups to boost global acceptability of RuPay debit cards

National Payments Corporation of India (NPCI) is exploring options for further tie-ups to strengthen the global acceptability of RuPay debit cards. Currently, RuPay cards are accepted at the points of sale (PoS) machine powered by Discover of the US, Diners Club, JCB of Japan, Pulse and Union Pay of China. This needs to be strengthened, and NPCI is working in this direction so that users of RuPay cards are at par with those using Visa or Mastercard, sources said. In March 2012, RuPay went global by tying up with Discover Financial Services to bring international services to Indians. It has strengthened its network capabilities by launching RuPay JCB Global Card in association with JCB International Co Ltd in July 2019. The RuPay JCB Global card can be used at RuPay card accepting points in India and JCB card accepting points outside India for PoS, E-Commerce and ATM. RuPay, a product of NPCI, is the domestic card payment network of India, with wide acceptance at ATMs, POS devices

Debit card usage declines 20% YoY as UPI becomes the first preference

A variety of reasons are responsible for the decline in debit card usage. Notably, UPI is available on mobile phones and has done away with the need to always carry a card

Statsguru: Six charts explain the UPI's emerging growth challenge

There are more than 7 billion transactions every month using the payment system - more than five transactions for every man, woman and child in the country

BoB unveils co-branded debit card under TN govt scheme for girl students

Public sector Bank of Baroda has partnered with the Tamil Nadu government to offer co-branded RuPay Platinum Debit Card in the state offering customised solutions, the bank said on Friday. Bank of Baroda has launched the debit card that would be offered to beneficiaries of the state government's 'Pudhumai Penn' scheme. Accordingly, the card offers personal accident insurance coverage upto Rs 2 lakh per annum and the joining and annual fees for the first year has been waived, Bank of Baroda said in a statement. The 'Pudhumai Penn' scheme of the government aims to enhance the enrolment ratio of girls from government schools to higher educational institutions. Through this scheme, financial assistance of Rs 1,000 per month would be provided to ever girl till the completion of their degree course. The Tamil Nadu government's special implementation department principal secretary T Udhayachandran, along with Bank of Baroda general manager and zonal head A Saravanakumar launched the card

Loans on debit cards to be governed by digital lending guidelines: RBI

Payment aggregators that work as LSPs have to comply with digital lending guidelines

Issues related to cards, net banking top complaint areas at OBO: RBI report

Issues related to ATM/debit cards and mobile/electronic banking were the top grounds of complaints received at the Office of Banking Ombudsman (OBO) during April 1 to November 11, 2021, an RBI report said on Wednesday. The volume of complaints received under the Ombudsman Schemes/Consumer Education and Protection Cells during 2021-22 increased by 9.39 per cent over the previous year and stood at 4,18,184, it said. Of these, 3,04,496 complaints were handled by the 22 Offices of RBI Ombudsman (ORBIOs), including the complaints received under the three erstwhile Ombudsman Schemes till November 11, 2021. Complaints related to ATM/ debit cards were the highest at 14.65 per cent of the total, followed by mobile/ electronic banking at 13.64 per cent. Around 90 per cent of the total complaints were received through digital modes, including on the online Complaint Management System (CMS) portal, email, and Centralised Public Grievance Redress and Monitoring System (CPGRAMS). Majority 66.11