Debit, credit cards to be disabled for online transactions if not used before
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Debit, credit cards to be disabled for online transactions if not used before:
RBI today has introduced new rules -
Banks must ensure that cardholders can ‘switch on’ or ‘switch off’ the online transaction, international transactions and contactless transactions ATMs and PoS terminals.
banks must ensure that all the debit cards and credit cards are enabled only for domestic transactions at ATMs and point of sale (PoS) terminals, RBI said in a notification.
“At the time of issue/re-issue, all cards (physical and virtual) shall be enabled for use only at contact based points of usage within India,” RBI said.
Banks can no longer issue contactless cards by default to users.
If customers want to use their cards for online transaction, international transactions and contactless transactions, they have to separately apply for these services.
These rules will not be applicable for prepaid gift cards and those cards used at mass transit system, the central bank added. This new rule for debit and credit cards will come into effect from March 16.
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“At the time of issue/re-issue, all cards (physical and virtual) shall be enabled for use only at contact based points of usage within India,” RBI said.
How can a virtual card be used at a contact based point of usage? Good decision by RBI btw.
Great decision.
I will get new card number without fees by saying I don’t want WiFi in my card
You won’t get new card,they will just disable the contact less payment option on your card so even if it has the wifi chip it will fail at any contact less terminal.
Good move.
Great
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