CREDIT AND DEBIT CARD PORTABILITY 

• New Delhi 7/7 : From next October, credit, debit and prepaid card users may have the option to select the card network of their choice. They can transfer to the network as per their wish like visa, master card, rupay card etc. Just like how users can migrate from one telecom operator to another without changing their mobile number, debit and credit card portability will be possible.
• The Reserve Bank of India (RBI) issued a circular and made this proposal. For this, RBI has sought feedback from banks and customers on the draft circular. August 4, 2023 Sudha Feedback may be given. The RBI has said that financial institutions should not issue credit cards, debit cards and pre-paid cards for any particular card network. They should give people the option to choose the network of their choice. Currently there are 5 card network companies in India. They are Visa, MasterCard, RuPay, American Express and Diners Club. These companies have tie-ups with different financial institutions. As a result the customer does not get the option to select the card network of his choice.
• Visa is the largest card company in the world. It is available in more than 200 countries. Its market cap is around Rs 40 lakh crore in Indian currency. Mastercard is the world's second largest popular cashless payment company after Visa. Today MasterCard is available in 150 countries and has a market cap of around Rs 30 lakh crore in Indian currency.
• In 1958 Bank of America launched its credit card 'BankAmerica Card', now known as Visa. In response to the Bank America card, the Interbank Card Association launched its own credit card in 1966, called the MasterCharge-D Interbank Card. In 1979, MASTER Charge was renamed to MasterCard.
• On the other hand, RuPay is India's first global debit and credit card payment network. It is named after the combination of two words rupee and payment. It was launched in March 2012 to de-monopoly foreign card networks.