As you swipe your credit/debit card with carefree abandon at merchant outlets, banks are losing money to the tune of Rs 3,800 crore annaully, says Soumya Kanti Ghosh
The Reserve Bank on Wednesday allowed credit cards to be linked with the unified payments interface (UPI), which will enable more people to make payments using the popular platform. At present, UPI facilitates transactions by linking savings or current accounts through users' debit cards. "...it is proposed to allow linking of credit cards to UPI," RBI Governor Shaktikanta Das said while announcing the regulatory moves, along with the bi-monthly policy review.
While cash cards are not a new concept and the user need not have a bank account, they are yet to gather steam in India. Most cash-card companies are taking the next big step with mobile wallets.
An Enforcement Directorate team undertaking searches in a cyber fraud linked money laundering case was allegedly attacked in New Delhi on Thursday, officials said.
The Central Bureau of Investigation (CBI) conducted searches at seven locations across India in connection with a Rs 350 crore crypto ponzi scam. The accused, operating seven modules in different cities, allegedly lured investors with promises of high returns on cryptocurrency investments. The CBI seized digital virtual assets totaling USD 38,414 in cryptocurrency wallets, cash amounting to Rs 34.2 lakh, and digital evidence, including mobile phones, laptops, tablets, hard disks, and memory cards. The agency registered the case under the Indian Penal Code and the Information Technology Act.
To promote cashless transactions, the government had waived the Merchant Discount Rate on fuel purchase post demonetisation for consumers. But after the expiry of the 50-day window, the banks have decided to levy MDR on petrol pump owners.
Payments banks have urged the Union finance ministry to increase their deposit limit for each account to Rs 5 lakh, according to a source who participated in a meeting, chaired by the Department of Financial Services Secretary M Nagaraju, in New Delhi. At present, they can accept deposits of up to Rs 2 lakh.
Bangalore resident Ramesha SG tells us how he left his card at the ATM and lost Rs 26,000.
Technology giant Apple has informed its customers in India that it will no longer store their card information on file and will not be accepting payments made by debit cards and credit cards for purchases or subscriptions on the App store or other Apple services. The decision has been taken by the US-based company in view of the Reserve Bank of India's (RBI's) card data storage guidelines, which will kick in from July 1. The deadline for implementing these norms was extended twice.
Here's why VCCs are the best options for credit and debit card holders for avoiding phishing and frauds
Six compelling reasons to use your credit card. WARNING: reckless use of plastic can land you in a debt rap
New guidelines by RBI on card usage will make it difficult for swindlers to dupe cardholders, but customers say security has come at the cost of convenience.
Card protection through insurance is a good idea, but stringent guidelines make it quite unattractive.
Card fees likely to increase to offset replacement cost.
The government on Monday proposed income tax benefits for people making payments through credit or debit cards and doing away with transaction charges on purchase of petrol, gas and rail tickets with plastic money.
Targets should avoid panicking and hang up. 'Disconnecting stops the scammers from building psychological pressure.'
Anita Aikara forgot her card in the ATM after a transaction. Read on to find out what happened next...
India Health Card works similar to a debit card. The NRIs are required to load funds onto the card through the Internet and then use it to receive healthcare services from healthcare providers in India. If a patient's health care provider is not a part of the IHC network, IHC will contact the concerned provider and explain the no-fee registration process. The beneficiaries will also receive service at a discounted rate by using the card.
The company has tied up with Axis Bank as its merchant bank to facilitate card transactions in its cabs.
As in the past, it is up to the merchants to decide if they will bear the burden of the charge or bill it to the customers. Subhomoy Bhattacharjee reports.
Plastic money that lets you buy almost everything by just swiping the card can also turn out to be your worst nightmare.
If you do not overspend, we advise you to get yourself a credit card. It will open up a whole new world of benefits.
Are you repenting not covering valuables you purchased using credit card? Fret not!
All credit cards and debit cards issued by any Indian Banks (except Canara Bank) and authorised issuers of Visa and MasterCard International or any other affiliated with Visa are accepted for booking of rail reservation tickets.
Credit card thieves are getting smarter with the help of sophisticated machines and cameras. But have you become smarter and more cautious?
The notification has been issued following cyber attacks.
Customers had complained of amounts getting withdrawn in euros overseas.
Easy to create and convenient to use, virtual credit cards also offer superior safety against frauds and misuse in online transactions.
Red Square and VDNKh easily rank among the most striking places I've visited -- both for their historical significance and architectural splendour.
My admiration for Russian culture, vision and ambition grew with every step as I clocked the miles, Nitin Sathe tells us after a visit to Moscow and St Petersburg.
We aksed Get Ahead readers to send us their experience of using credit cards and debit cards. Here are a few responses that list the advantages and disdavantages of using both the types of plastic cards.
We asked Get Ahead readers to send in their opinions on the credit card vs debit card debate. Here are a few responses from readers about their credit card experiences:
With the Reserve Bank of India's (RBI) extended deadline coming to an end, there will be no automatic recurring payment for various services including recharge and utility bill as the additional factor of authentication (AFA) will become mandatory from Friday. On December 4, RBI had directed all banks including RRBs, NBFCs, and payment gateways that the processing of recurring transactions (domestic or cross-border) using cards or Prepaid Payment Instruments (PPIs) or Unified Payments Interface (UPI) under arrangements/practices not compliant with AFA would not be continued beyond March 31, 2021. As part of risk mitigation measures, RBI announced this step to bolster safety and security of card transactions.
We asked Get Ahead readers to send in their experiences about using credit cards and debit cards. Here are a few responses.
Do you often miss payments? Do you exceed your credit limit? You are just the kind of customer credit card companies are looking out for!
According to the latest data released by the Reserve Bank of India, the growth was significantly higher than the 24.51 per cent rise in the value of plastic money transactions in 2006-07 and was partly attributed to banks encouraging people to use cards for transactions. In recent months, banks have increasingly put in place schemes, like cash-back offers, to entice people to use more of debit cards.
RuPay is working on how to increase offers to customers. It is also focused on technology innovation in the card payment system.
With biometrics, payments may get easier and more secure.
