In an attempt to make digital payments using debit cards and credit cards more secure, the Reserve Bank of India (RBI) has issued several new guidelines that will come into effect from tomorrow, 1 October 2020. Let’s take a look at RBI’s new guidelines for credit, debit cards effective tomorrow:
1. Customers will get the option to register for preferences such as opt-in or opt-out services, spend limits and other services for online transactions, international transactions and contact less transactions.
2. The debit and credit card services will only be enabled for transactions at ATMs (domestic) and Point of Sale terminals.
3. Both debit and credit holders will now be allowed to set up transaction limits.
4. The card holders will have the option to allow or not to allow a particular service on their credit-debit cards such as ATM, POS, E-Commerce or NFC.
5. RBI has asked all banks, card issuing companies to disable online payment for all debit, credit cards that have never been used for online or for contact less transactions in India or abroad.
6. Card holders will also get the option to enable or disable the NFC feature also.