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RBI New Proposed Guidelines for Card Networks: Empowering Customers and Promoting Choice in Card Networks
- Thread starter TechnoFino
- Start date
What do you mean by WhatsApp forward?? These are my own opinions and my own words.....
If you want to debate , debate the topic... Try to understand my post from the wholistic point of view . My opinions are NOT inclined to any political interests.
I don't care who is in power.. I did express my opinions in view of the Indian economy about a decade ago to now from a global perspective..
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Abhishek012
TF Pioneer
SBI Card is the largest RuPay credit card issuer not HDFC bank.
SBI Card issue Visa/Mastercard for online application but for offline application, mostly everyone gets SBI RuPay Credit Card.
Edited - by the way HDFC easily convert your card network to visa/mastercard/RuPay.
No , it was definitely working and working hard before as well, but the difference being the bold decisions and the decision that are dynamic in nature and trying to establish global presence in formulating the economic policies. And I also said there were bad decisions that were backfired.
What I am saying is India is now unleashing the power of technology in combination with good economic policies which are spearheading the growth.
Not sure if you have observed or not, I did mention about the Aadhar concept which was initially proposed by previous regimes which has contributed to the massive success that we are currently enjoying.
As I said before , I don't care who is in power. They do need to continue this momentum...
If you think that word "9 years" causes you discomfort, I would happily change it to more generic term...
Meanwhile you have conveniently ignored the main gist of my opinions and have made some derogatory commnets about my post being some "WhatsAPP" crap......
FYI: I did criticise heavily about the 20% TCS govt policy that can be found here:
20% TCS on all international transactions done using a credit card
Any transaction done in India on a foreign portal will attract TCS at 20% right? or that is also exempt till 7L? My understanding is that it will attract TCS but exempted till 7L.
www.technofino.in
You have to give credit where it is due, criticise when something is wrong ( irrespective of whoever does it.)
In other words , I call a spade a spade.. Have a nice one...
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krishc
TF Ace
fir devaluation ho jayega
haha very crucial point, as soon as they have enough users all extra benefits would be removed, MDR would far less than visa master and amex though.
krishc
TF Ace
I didn't mean RuPay will devaluate after getting more users
rather banks will devaluate their premium cards if forced to launch in all networks
since they'll be earning less from low MDR offered by RuPay
so they'll naturally balance out by reducing net average reward/cashback
Guys, you can not ask bank to issue hdfc infinia on rupay network or amex plat on visa network... lol...
check the example part again.
if a bank issue a particular credit card on Visa, Mastercard, and Rupay networks, then the customer can change their card network. if a bank issue a particular credit card on a single network, then the customer can't request to change their card network.
check the example part again.
if a bank issue a particular credit card on Visa, Mastercard, and Rupay networks, then the customer can change their card network. if a bank issue a particular credit card on a single network, then the customer can't request to change their card network.
brightknight
TF Ace
Easily? kuj jada nahi beh gaye?
SBI aur HDFC ko Bamboo ka zaroorat bhi hai 🤣
Still thinking how the things will be at bank's end because these banks also have commitments to issuers and how new regulation will have an impact on bank-issuer relations.
For this, RBI should force all banks to define partner networks for each card everywhere (including websites, online/offline application forms, advertisements, etc)
Example: Regalia Rupay was there but it was way too hard for anyone to get it.. even Grievance team was not giving Rupay cards while for some, They were getting network change to Rupay on normal customer care call which is obnoxious...
I only saw TataNeu app giving an option to choose between VISA/Rupay while filling the form till now, rest all banks (including HDFC) give networks as per their wish..
Jhon Anand
TF Premier
Leave the haters, no need to explain in detail.No , it was definitely working and working hard before as well, but the difference being the bold decisions and the decision that are dynamic in nature and trying to establish global presence in formulating the economic policies. And I also said there were bad decisions that were backfired.
What I am saying is India is now unleashing the power of technology in combination with good economic policies which are spearheading the growth.
Not sure if you have observed or not, I did mention about the Aadhar concept which was initially proposed by previous regimes which has contributed to the massive success that we are currently enjoying.
As I said before , I don't care who is in power. They do need to continue this momentum...
If you think that word "9 years" causes you discomfort, I would happily change it to more generic term...
Meanwhile you have conveniently ignored the main gist of my opinions and have made some derogatory commnets about my post being some "WhatsAPP" crap......
FYI: I did criticise heavily about the 20% TCS govt policy that can be found here:
20% TCS on all international transactions done using a credit card
Any transaction done in India on a foreign portal will attract TCS at 20% right? or that is also exempt till 7L? My understanding is that it will attract TCS but exempted till 7L.
You have to give credit where it is due, criticise when something is wrong ( irrespective of whoever does it.)
In other words , I call a spade a spade.. Have a nice one...
Abhishek012
TF Pioneer
Who told you guys that RuPay's MDR is low ? Pakar k lao unlogo ko mere samne (except RuPay debit cards because govt forcefully impose zero MDR policy)
MDR fee is same for all Visa/master/RuPay card networks.
There are multiple reasons why private banks issue more visa/mastercard.
1st reason already mention on this post, read the RBI guidelines -
Private banks enter into an agreement with card networks to issue their cards and card network also give huge incentives to the banks.
This agreement with Visa and Mastercard has been going on for several decades. You cannot expect that when a new card network comes, the bank will break its old relationship with Visa/Mastercard, that's not how business works, dude.
Above all, these agreements have been made for 5 to 10 years.
Sometimes they have unique types of agreements, for example - approx 7 to 8 years ago. I heard American Mastercard had signed an agreement with SBI Card to issue Mastercard in south Indian states and American Visa card had signed an agreement with SBI Card to issue Visa card in North Indian states (Sounds like Britisher's East India company).
3rd point, International acceptance, no doubt visa/mastercard have best international acceptance compare with RuPay. Private banks want to provide the best service to their customers. Private banks don't care which card network you want, they just want to give you the best service and you can't complain that your card is not accepted worldwide. Whereas you will spend your entire life in India.
If you read all this then you will feel that then there is no place for RuPay card.
No, you are wrong, RuPay card want to grab market share where visa/mastercard is not available.
1) low income user
2) First time new customer for banks
3) offline credit card apply user (that's why SBI Card is the largest RuPay credit card user)
4) Small towns/villages etc.
5) premium card segment, 80% to 90% credit card users dnt care about their reward points or discount offers, they apply the credit card and pay Rs500 to Rs3000 card issuing and annual fees.
Now you will say what would be the benefit of doing this, right ?
Simple answer - customers and banks trust. RuPay's brand value will increase and till then RuPay will expand to more Indian and international merchants and RuPay will get feedback from customers and banks to improve their services and also launch value added service like recurring payment, EMI, NFC HCE service (on-device NFC payment) etc.
After this, the bank will also sign a long-term agreement with the RuPay card, banks will issue more Super premium and maybe one day Ultra premium RuPay credit cards.
@Abhishek012 Do you think Rupay has the potential to challenge Visa and MC at a global level? Can we expect Rupay to go the UnionPay way?
Avishma1
TF Select
Chances are less than .01%
Abhishek012
TF Pioneer
Within next 30 to 40 years - Yes but till then maybe Visa or Mastercard will acquire RuPay card (This is what happens in the last of all national card schemes but i wish i will be wrong because many things has changed now specially after sanction in Russia, Venezuela and Iran).
Europe is also repenting after selling its Euro card payment system to Mastercard.
If you dnt know why card chip called "EMV Chip" because its a full form for Euro Card, Visa card and Mastercard.
The UK's Maestro card was also sold to Mastercard.
For the past 10 years, every week China UnionPay Card is partnering with some new foreign institutions to accept UnionPay cards.
Till now Unionpay card partner with 2500+ foreign institutions to accept UnionPay card.
UnionPay card acceptance rate is 90% in Indo-pacific, 70% in Europe and 70% in North America (ofcourse some major countries have 90% to 100% acceptance rate of Unionpay cards)
If i compare with RuPay card then RuPay partner with only 1 or sometimes 2 foreign institutions per year, yes you read it right "PER YEAR".
Another thing is that boycott RuPay card movement already started in Maldives.
Maldivians think that RuPay card will control their economy. They more favor on China's UnionPay card.
You can see some posts on twitter #Indiaout with RuPay card and welcome China's UnionPay card.
Such thinking is also in the people of Nepal and African countries, they are against RuPay card but happy with Visa/mastercard and especially China UnionPay card.
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