InvestorQ : What are the credit and debit card changes applicable from 1st October 2020?
Akansha Shivdasani made post

What are the credit and debit card changes applicable from 1st October 2020?

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Sadaf Khan answered.
4 weeks ago
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As per the new guidelines, customers will get the option to register for preferences such as opt-in or opt-out services, spend limits, and other services for online transactions, international transactions, and contactless transactions. Secondly, debit and credit card services will only be enabled for transactions at ATMs (domestic) and Point of Sale terminals.

The cardholders will have the option to allow or not to allow a particular service on their credit-debit cards such as ATM, POS, E-Commerce, or NFC. Thirdly, both debit and credit holders will now be allowed to set up transaction limits.

Lastly, RBI has asked all banks, card issuing companies to disable online payment for all debit, credit cards that have never been used for online or for contactless transactions in India or abroad.

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