The Reserve Bank of India has recently introduced a host of measures to curb banking fraud and misuse of cards. Starting from October, all the new debit and credit cards issued by banks will only be enabled for domestic transactions at ATMs and point of sale (PoS) terminals. If the customer wants to use the card for online transactions, the cardholder would need to approach the bank.
Here’s a look at what all changes come into effect from October 1:
1.All the debit card and credit card users from now on are allowed to set up transaction limits.
2.Card users now have an option to opt-in or opt-out of services on their credit/debit cards such as online transactions (e-commerce), international transactions, and contactless transactions (NFC-based).
3.RBI has asked all the banks and card issuing companies to disable online payments for all those debit and credit cards which have never been used for online or contactless transactions in India or abroad.
4.Banks are asked to allow only domestic card transactions at ATMs and PoS terminals in India at the time of issuance/re-issuance of the card.
5.For international transactions, online transactions, card-not-present transactions, and contactless transactions, customers will have to separately set up services on their card.
6.Users will have 24×7 access to switch ON/OFF or change all transaction limits via all available channels — mobile application/internet banking/ATMs/Interactive Voice Response (IVR).
7.Many banks have also been issuing cards based on near field communication (NFC) technology. A merchant doesn’t need to swipe such cards or insert them in the point of sale terminal. These are also known as contactless cards. Cardholders will now also get the option to enable or disable the NFC feature.
Regulations apply to debit and credit card only. Prepaid gift cards or those used at mass transit systems (such as metro) are not covered under this”.
“These directions are issued under Section 10(2) of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007),” RBI added.
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