Debit and credit card rules will change from January 1, know here what will be the difference on you - Newztezz Online- Latest News Today, Breaking News, Top News Headlines, Latest Sports News

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Friday, December 4, 2020

Debit and credit card rules will change from January 1, know here what will be the difference on you


The RBI MPC meeting was going on for three days, in which today RBI Governor Shaktikanta Das has made a major change in the contactless card payment rule. 
Now you will be able to pay up to 5 thousand rupees with contactless debit and credit cards without any PIN. Customers will get this facility from 1 January 2021. Indian company RuPay had issued contactless debit and credit cards under the One Nation One Card scheme in India. These cards can help people from public transport to shopping. Prior to this, only a maximum of 2 thousand rupees could be paid without PIN without contactless debit and credit cards.

How is the contactless debit and credit card
powered by RuPay. This card can be used as a National Common Mobility Card. This card is just like a smart card. A similar card runs in Delhi Metro, which you recharge and can roam and travel anytime in the metro. Now all the banks will issue new debit and credit cards to RuPay, the National Common Mobility Card feature will be given in them.

What is contactless transaction?
With the help of this technology, the card holder is not required to swipe for the transaction. Point of sale (POS) is the payment made by inserting the card from the machine. In contactless credit cards, 'Near Field Communication' and 'Radio Frequency Identification' (RFID) are two of these technologies. When a card equipped with technology is brought to the machine, the payment is made automatically. Please tell that even if the card is kept in a distance of 2 to 5 centimeters of the machine, payment will be made.

How to get the card?
At present, this card is available in 25 banks as well as this card is also issued by Paytm Payment Bank. To get this card, you will have to contact your bank. Cashback of 5 percent is available on the use of this card at ATM and 10 percent cashback is paid on payment at merchant outlets during travel abroad.

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