The Reserve Bank of India (RBI) is preparing to launch a transformative measure that promises to put the power of choice into the hands of credit, debit, and prepaid card users. Drawing inspiration from mobile number portability, this new initiative will allow cardholders to seamlessly switch between card networks, beginning October 1st. Currently, the choice of card network - be it Mastercard, Visa, RuPay, or others - is decided by card-issuing agencies based on agreements with the respective banks. The forthcoming changes, however, will grant the final decision-making power to the consumer, opening up a plethora of choices for cardholders and fostering a more competitive environment. In a recent draft circular, the RBI detailed this innovative proposition, stating that cardholders will have the liberty to opt for the card network of their preference.
