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  • RBI’s New Rules For Credit Cards: Mastercard, RuPay, Or Visa – Which Network Is Right for You? | Personal Finance News

    RBI New Rules For Credit Card: Good News For Credit Card Holders! Now, users will have the freedom and flexibility to choose their card network from the available ones – Visa, MasterCard, and RuPay while applying for a new credit card or renewing the existing one. 

    This initiative follows the Reserve Bank of India’s introduction of guidelines aimed at improving customer experience and fostering competition in the digital payments sector.

    Rule For New Credit Card Applicants And Existing Cardholders:

    New credit card applicants can now choose their preferred network—Mastercard, RuPay, or Visa. Existing cardholders also have the option to switch networks during the renewal process, providing flexibility to select a different network if preferred. 

    Notably, there are several banks including YES Bank and Bank of Baroda (BOBCARD), have already adopted these changes. Customers applying for credit cards with these banks can select their network preference online or offline. 

    Exemptions For CreditCard Issuers 

    Card issuers with fewer than 10 lakh active cards are not required to comply with these guidelines. Meanwhile, the Issuers that operate their own authorised networks are also exempt. 

    Authorised Card Networks 

    In India, there are five authorised card networks that operate within the payment ecosystem. These include American Express Banking Corp., Diners Club International Ltd., MasterCard Asia/Pacific Pte. Ltd., National Payments Corporation of India-Rupay, and Visa Worldwide Pte. Ltd.

    These networks play a significant role in enabling electronic transactions and promoting digital payments across the country. However, the RBI has made an exception for American Express, as it operates its independent network. Consequently, American Express is not obligated to adhere to the RBI’s guidelines. 

    Visa and Mastercard Credit Card Benefits

    These cards are accepted in over 200 countries worldwide. Both offer premium benefits like access to airport lounges, travel insurance, and discounts at international merchants. 

    However, they often come with higher fees, particularly for transactions in foreign currencies. 

    RuPay Credit Card Benefits 

    RuPay cards are ideal for domestic because of their lower transaction fees, which make them budget-friendly. Thanks to UPI integration, digital payments in India have become seamless.

  • Mastercard, Visa droop operations in Russia after invasion

    Mastercard and Visa are postponing their operations in Russia, the corporations stated Saturday, in the newest blow to the rustic’s monetary device after its invasion of Ukraine.

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    Mastercard stated playing cards issued via Russian banks will now not be supported via its community and any Mastercard issued out of doors the rustic won’t paintings at Russian retail outlets or ATMs.

    “We don’t take this choice frivolously,” Mastercard stated in a observation, including that it made the transfer after discussions with consumers, companions and governments.

    Visa stated it’s operating with purchasers and companions in Russia to stop all Visa transactions over the approaching days.

    Observe Are living Updates at the Ukraine Russia disaster right here

    “We’re pressured to behave following Russia’s unprovoked invasion of Ukraine, and the unacceptable occasions that we have got witnessed,” Visa Chairman and Leader Government Officer Al Kelly stated in a observation.

    The dual suspensions had been introduced inside 16 mins of one another, and so they adopted a personal video name previous within the day between President Volodymyr Zelenskyy of Ukraine and US lawmakers. All the way through that dialog, Zelenskyy “requested us to show off MasterCard and Visa for Russia,” Rep. Brad Sherman, a Democrat from California, tweeted. “I agree,” he added, sooner than Mastercard and Visa made their bulletins.

    Previous within the week, Visa and Mastercard had introduced extra restricted strikes to dam monetary establishments from the networks that function arteries for the bills device. Russian folks have already been hit laborious via heavy sanctions and fiscal consequences imposed via the USA govt and others.

    For the reason that invasion of Ukraine, the worth of the Russian forex, the ruble, has plunged via greater than a 3rd to a report low. That’s pushing up inflation for Russian families, and all of the concern has helped reason lengthy strains at ATMs.

    Many different corporations world wide have additionally made strikes to extend the monetary force on Russia and its folks as a result of its assault on Ukraine. Some are promoting their stakes in Russian corporations, akin to power massive BP, whilst others like Harley-Davidson halted product shipments to the rustic.

    “This battle and the continued risk to peace and steadiness call for we reply consistent with our values,” Visa’s Kelly stated.

    The strikes via Mastercard and Visa may just make actual variations to their backside strains. Russia accounted for 4 in line with cent of all of Visa’s web earnings in its ultimate fiscal yr, together with cash produced from home and cross-border actions. Ukraine accounted for approximately one in line with cent, Visa stated in a submitting with US securities regulators this week.

    Mastercard stated in its personal submitting that about 4 in line with cent of its web revenues all the way through 2021 got here from trade performed inside, into and out of Russia. Any other kind of two in line with cent was once associated with Ukraine.