Debit cards News

The RBI has permitted the use of Card-on-File Tokenisation (CoFT) through card-issuing banks or institutions.

The Finance Ministry said the changes were necessitated as some instances have come to notice where the payments were "disproportionately high" when compared to the disclosed incomes.

Credit limits are set by banks through a process called underwriting, which takes into account things like income level, debt-to-income ratios, credit scores, and performance histories of credit cards.

The RBI has come out with a tokenization rule that will come into effect from October 1 Consumer purchasing things online now require to give consent to save their credit/debit cards on e-commerce sites The RBI's rule is aimed at securing sensitive information like credit/debit car details

The change seems to be causing a lot of issues for customers previously reliant on subscription payments. Several Apple users have taken to Twitter to complain about the removal of the credit and debit card option. On the iPhone the subscriptions pages now shows denominations of INR 2000, INR 5000 and INR 10,000.

The debit card can be used to pay for items in retail locations using POS machines, to shop online using ecommerce platforms, and to pay bills. As a result, while using a debit card, consumers should be continually watchful against fraud. The PIN is the most sensitive piece of information when using a debit card.

For auto-debit payments over Rs 5,000, banks and other financial institutions will have to ask customers for second factor authentication. Before a transaction, banks will send a notification to a customer via SMS and email. The cardholder will have the option of approving or disapproving the transaction.

Know the three rules. This way you can prevent financial losses. RBI has issued guidelines.

The new rules are aimed at making digital payments secure and safe for users. Banks have been told to not unnecessarily give international facilities to customers' cards unless demanded. The move is aimed to stop increasing fraud transactions using debit and credit cards.

The new rules are aimed at making digital payments secure and safe for users. Banks have been told to not unnecessarily give international facilities to customers' cards unless demanded. The move is aimed to stop increasing fraud transactions using debit and credit cards.

In an apparent attempt to make digital payments using debit cards and credit cards more secure, several new guidelines have been issued by RBI that will come into effect from October 1, 2020. The RBI had directed all banks to not unnecessarily give international facilities to customers' cards, unless the customer himself demands it. The move is aimed to stop increasing fraud transactions using debit and credit cards.

Simply put, a debit card is what you use when you want to spend your own money, whereas, in case of a credit card, you borrow money from a lender to pay for your expenses.

Niti Aayog CEO Amitabh Kant on Saturday said debit and credit cards as well as ATMs will be redundant in next three-four years and people will use their mobile phones for financial transactions.

ItzCash has announced rolling-out `Bharat QR code` feature across its retail network. Now scan and pay money with ItzCash`s Point-of-Sale devices by simply flashing your cell phone.

With India embracing applications of technologies at an accelerated pace, digital transactions will be done through mobile wallets and biometric modes and credit and debit cards as also ATMs were set to disappear, Niti Aayog CEO Amitabh Kant has said.

Digital transaction is growing and is expected to increase by 33 percent to Rs 4 crore per day this year, IT Minister Ravi Shankar Prasad on Wednesday said.

The RBI on Thursday proposed to drastically cut MDR charges on debit card payments.  

The National Payments Corporation of India (NPCI) had said over 600 customers had reported losses of at least Rs 1.3 crore due to the breach.

Petrol pump owners on Sunday night deferred till January 13 their decision to not accept credit and debit card payments for fuel sales after banks put off the move to levy the transaction (MDR) charge.  

With banks deciding to imposed transaction (MDR) charges on them instead of consumers, petrol pumps across India will not accept credit and debit card payments for fuel sales from Monday.