Exciting news for bank customers! Starting October 1, you can transfer your credit and debit cards.

Visa To RuPay: RBI Allows Card Network Portability

• The Reserve Bank of India (RBI) has issued a circular empowering users of debit, credit, and prepaid cards to choose their preferred card network, similar to mobile network portability.
• Starting from October 1, customers will have the option to switch their card network from Visa to Mastercard, RuPay, or any other network of their choice.
• This move challenges the current practice where card network choices are predetermined by agreements between issuers and networks.

What is Card Network Portability?

Card network portability allows consumers to transfer their card accounts from one network to another, similar to switching mobile service providers while keeping the same phone number. With this feature, cardholders can switch to a different payment network while retaining their existing card account, balance, and credit history.

Currently, when applying for a debit or credit card, customers do not have the opportunity to choose a network provider. This decision is made by the card issuing bank or institution.

Authorized Card Networks in India

Previously, banks have been selecting the card network provider for customers, but RBI believes that this practice does not provide enough choice to customers. The new circular aims to give customers more flexibility and control over their card network preferences.