RBI's new rules for debit and credit cards; move aimed at improving convenience, security of transactions
RBI has directed banks to allow only domestic card transactions at ATMs and PoS terminals in India at the time of issuance/reissuance of the card. For international transactions, online transactions, card-not-present transactions and contactless transactions, customers will have to separately set up services on their card, the RBI said.
The latest instructions, however, are not mandatory for prepaid gift cards and those used at mass transit systems, the RBI added.
Old SBI debit cards will be blocked from 1 January; here is how to replace them with EMV chip, PIN-based cards
If the SBI customers are yet to receive the new EMV chip cards, they can approach their respective home branch for changing the card free of cost immediately, the bank said.
The Reserve Bank of India (RBI) has asked banks to ensure customers’ debit and credit card data is secure and investigate reports that say data of 1.3 million accounts was available online, a notice seen by Reuters showed
The source of the breach is yet unknown but the data analysis have found Track 2 data in the card dump.
Banks provide a certain number of free transactions at ATMs to their customers and beyond that impose charges
It will let users make contactless payments without needing to input a pin or offer a signature.
Tokenisation of card payments can simplify and secure financial transactions, services for merchants, consumers
Tokenisation is a process aimed at increasing the security and safety of payment systems by replacing the card details with a unique alternate payment ID or code termed as a ‘token'.
SBI halves daily ATM withdrawal to Rs 20,000: The bank has done the right thing; the move will discourage use of cash
Banks in India must dismantle ATMs and simultaneously install more and more swiping machines for their trade customers. It will be a win-win for both.
Airtel Payments Bank has tied up with a cloud-based payment solution provider, Empays, for the service.
Govt proposes easing local data storage rules for foreign payment firms after intense lobbying by US firms
Easing the proposal would be a relief for firms including MasterCard, Visa, and American Express, which fear the country's data onshoring move could cost them millions of dollars and set a precedent for other major governments to implement similar rules at a time when there is heightened scrutiny of how companies globally handle their customers’ data.
Digitisation push: No charges on debit card payments up to Rs 2,000, MDR to be borne by govt for 2 years
Union Cabinet approved a proposal that government will bear the merchant discount rate (MDR) charges on transactions up to Rs 2,000 made through debit cards, BHIM, UPI or Aadhaar-enabled payment systems to promote digital transactions.
The J7 Pro is equipped with Samsung Pay, while J7 Max comes loaded with Samsung Pay Mini.
Card skimming remains, by far, the most frequent form of ATM attack and currently represents nearly 95 percent of all losses.
The customer will have to spend Rs 100 for a 10-leaf cheque book, i.e. Rs 10 per leaf
Digital financial fraud is here to stay; it’s important to be aware of the dangers to stay protected
The landscape of financial transactions has undergone a sea change over the last couple of years and digital fraud is adapting as well.
Banks which have in a manner of cartelisation ushered in the bank cash transaction charges regime should similarly enlist enthusiastic customer support for the digital payments regime
The government’s e-payment drive is likely to face other hurdles as well.
Petrol pump owners deferred till January 13 their decision to not accept credit and debit card payments for fuel sales after banks put off the move to levy the transaction (MDR) charge.