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Card network portability
July 21 , 2023
363 days
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- The Reserve Bank of India (RBI) has unveiled a draft regulation that grants debit, credit, and prepaid cardholders the authority to select their desired card network.
- The authority to select their desired card network, is marking a potentially revolutionary development on a global scale.
- This regulation challenges the prevailing practice where card network options are predetermined through agreements between issuers and networks.
- This means users can port their card network just like one can port switch/port mobile service providers while retaining the same phone number.
- The Card network portability will keep their existing card accounts, balances, and credit history intact.
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