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New Option: Credit Card Users Free to Choose Visa, Mastercard, RuPay, or Amex – Key Details

RBI's New Circular Offers Indian Cardholders More Choices

Editor Ritam English by Editor Ritam English
Mar 6, 2024, 10:23 pm IST
New Option: Credit Card Users Free to Choose Visa, Mastercard, RuPay, or Amex – Key Details

New Option: Credit Card Users Free to Choose Visa, Mastercard, RuPay, or Amex – Key Details

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The Reserve Bank of India (RBI) has made a significant move in the world of credit and debit cards, aiming to give more options to customers. On March 6, the RBI released a circular, instructing banks and non-banks not to restrict customers from using different card networks. This means that when you get a credit or debit card, you can now choose from various networks like Visa, Mastercard, American Express, Diners Club International, and RuPay.

Until now, when you received a card from your bank, you might not have had a say in which network it belonged to. But with this new rule, banks have to let you pick the network when you get a new card or renew an existing one. However, smaller credit card issuers with fewer than 10 lakh active cards are exempt from this requirement.

The circular is set to take effect from September 6, 2024. But there’s an exception to the rule: banks that have their own card networks, like American Express Banking Corp., can continue issuing cards exclusively on their networks.

This change means more power for you as a cardholder. Instead of being randomly assigned a card network by your bank, you can now choose the one that suits you best. For example, if you prefer a Visa card over a Mastercard, or vice versa, you have the freedom to make that choice, provided your bank offers both options.

However, it’s essential to understand that the benefits of a card mostly depend on its variant rather than the network. While there might be some network-specific perks, like access to certain golf clubs or exclusive offers, the main advantages come from the card itself.

Boosting RuPay Card Adoption

One significant impact of this circular could be an increase in the usage of RuPay cards, Bharat’s homegrown card network. While RuPay debit cards already dominate the market with a 65% share, RuPay credit cards only hold 3% as of January 2022.

With banks now required to offer a choice of networks, many customers might opt for RuPay, which could potentially boost its adoption. However, it’s worth noting that Visa and Mastercard credit cards often offer better rewards programs compared to RuPay.

Despite this, RuPay cards have their advantages, especially in terms of specific variants like RuPay Select. These cards offer unique benefits such as complimentary health check-ups, spa services, and insurance coverage, which other cards may not provide.

Challenges for RuPay

One challenge for RuPay cards is their lower acceptance rate outside Bharat. Currently accepted in a handful of countries like Bhutan, Nepal, and Mauritius, RuPay’s international acceptance is expanding slowly.

In conclusion, the RBI’s circular opens up a world of choices for cardholders, empowering them to select the card network that aligns best with their preferences and needs. While it might lead to increased adoption of RuPay cards, the overall impact on the market remains to be seen.

Tags: Reserve Bank of IndiavisaDebit cardsRuPayMastercard
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