Which Card Network is Right for You: Visa, MasterCard or RuPay?

The Reserve Bank of India (RBI) has taken a significant step towards enhancing customer choice by giving a new guideline that allows consumers to select their preferred card network when applying for a new credit card.

Image soruce The Economic Times

The policy, which will come into effect in September 2019, also allows existing credit cardholders to switch to a different network when their cards come up for renewal. To ensure fair competition, the RBI has also restricted credit card issuers from entering into complete arrangements with card networks that prevent them from tapping new networks.

Image source Himalayan Express

While the new guideline will not affect credit card issuers with up to 1 million outstanding cards, 13 banks that issue credit cards comprise 92% of the credit card universe.

Image source ET BFSI

However, the directive will enable eligible RuPay cardholders to add cards affiliated with global networks for usage abroad, offering greater flexibility and choice.