Debit cards News
The change seems to be causing a lot of issues for customers previously reliant on subscription payments. Several Apple users have taken to Twitter to complain about the removal of the credit and debit card option. On the iPhone the subscriptions pages now shows denominations of INR 2000, INR 5000 and INR 10,000.
The debit card can be used to pay for items in retail locations using POS machines, to shop online using ecommerce platforms, and to pay bills. As a result, while using a debit card, consumers should be continually watchful against fraud. The PIN is the most sensitive piece of information when using a debit card.
For auto-debit payments over Rs 5,000, banks and other financial institutions will have to ask customers for second factor authentication. Before a transaction, banks will send a notification to a customer via SMS and email. The cardholder will have the option of approving or disapproving the transaction.
In an apparent attempt to make digital payments using debit cards and credit cards more secure, several new guidelines have been issued by RBI that will come into effect from October 1, 2020. The RBI had directed all banks to not unnecessarily give international facilities to customers' cards, unless the customer himself demands it. The move is aimed to stop increasing fraud transactions using debit and credit cards.