Page 2 - Debit Cards

Debit card issuances pick up in FY23 after 7-month slowdown a year earlier

Banks issue 17 mn cards in first five months of current fiscal, up 30% from 13 mn cards in year-ago period; Customers prefer debit cards for small value transactions, says report

Tokenisation to interest rates: All about RBI's new credit card rules

OTP-based consent requirement for delayed activation will safeguard users against false applications, unwanted cards

RBI unlikely to extend card tokenisation deadline despite merchants' demand

Despite a demand by smaller merchants to delay the compliance date, there has been no indication so far by the central bank that there is likely to be an extension in deadline

IBA seeks probe into possible cartelisation by chip-based card suppliers

The Indian Banks' Association (IBA) has sought a probe by the Competition Commission into possible cartelisation among vendors providing chip-based debit and credit cards to banks. IBA has received complaints of jacking up of card prices by various vendors, citing shortage of chips, and the hike in the prices is in a similar range, raising fears of cartellisation, sources said. Following the complaints, IBA has written a letter to the Competition Commission of India (CCI) seeking a probe into the issue and has also intimated the finance ministry about the matter. According to a senior bank official, last year, 4-5 large card vendors approached lenders saying that shortage of chip has led to an increase in the prices. So, all banks agreed for a rise in the prices of cards from Rs 35 to about Rs 42 per unit, the official added. Three months ago, these vendors again approached the banks, saying the prices have further increased. However, only large private bank agreed for another Rs

Credit cards gain more currency pipping debit cards for e-commerce

They overtake debit cards for e-commerce and bill payments but remain a minuscule portion of personal loans

The case for pricing UPI transactions and what's at stake for banks

Banks pay a switching fee running into hundreds of crores every year for UPI, but have to offer the service for free

RBI seeks public feedback on charges in payment systems by Oct 3

Charges for payment services should be reasonable and competitively determined for users while also providing optimal revenue stream for the intermediaries, states the discussion paper

How to generate or reset your ATM Card's PIN? Check different ways

Forgot your ATM pin? Check out details to reset or regenerate your ATM pin and how to protect yourself from ATM fraud

RBI extends date for implementing provisions on credit, debit card issuance

Issuers given more time for OTP-based activation, ensuring credit limit is not breached without cardholder's consent

RBI enhances limit for e-mandates on credit/debit cards to Rs 15,000

In October last year, the new e-mandate guidelines kicked in, wherein any mandate registration, modification, and deletion will require additional factor authentication (AFA)

NPCI asks banks to enable customer onboarding onto UPI through Aadhar, OTP

The need for authentication through Aadhar with OTP arose because the number of UPI users was getting restricted to the customers who had debit cards.

You don't know it but we're involved in each of your card swipes: Fiserv GM

In a Q&A, Rishi Chhabra, who also heads the firm's India and Sri Lanka operations, dwells on his company's swift response to RBI's six-month moratorium and data localisation rules

Worldline partners with major card networks to launch tokenisation solution

Worldline said that it has developed a fully interoperable plug-and-play solution to enable card on file tokenisation using single integration

How debit, credit cards and ATM cash withdrawal are bellwether for GDP

Debit cards aren't just for the affluent--two-thirds of Indians use them. There is little reason not to track their use to predict economic growth

How new auto-debit rules that require customer consent will impact you

All kinds of recurring or auto-debit payments now require the customer's consent before they are cleared, mandate RBI's new rules. What does this mean and how will it impact you?

Explained: What tokenisation means and how it will affect card users

Transactions will be smooth after one-time tokenisation

Visa repositions its brand to shed cards entity image

It wants to be known as a payments network and player in the digital payments arena

Mastercard submits new audit to India after ban over data handling

The Reserve Bank of India (RBI) on July 14 sent panic-waves through Indian banking partners by announcing a ban, effective from July 22, to prevent the U.S. giant from issuing new cards.

YES Bank may have to forgo issuing 100K cards; inks pact with RuPay

The bank has tied up with National Payments Corporation of India for issuing RuPay cards and will ink a similar deal with VISA

RBI's move to ban Mastercard from issuing new cards may hit 5 private banks

Bajaj Finserv and SBI Cards also impacted