The Credit Card Network Portability draft circular is issued by the Reserve Bank of India

Credit Card Network Portability The central bank of India RBI issued the draft regulation for debit, credit, and prepaid cardholders to select their desired card network as per convenience.

Credit Card Network Portability ( CCNP) Explained simply

Credit Card Network Portability ( CCNP) is a customer service which allows the customer to tranfer their card accounts from 1 network to another , similiar to , how we can switch mobile service providers while retaining same phone number . Through this service, the RBI had introduced flexiblity and portablity in card holders in the country. adjusting the customer onboarding processses.

What is the full news

Reserve Bank of India had introduced the regulation that grants credit and debit card holder the authority to select their desifed card network as we swtich the phone sim , irrespective of  banks or non-banking institutions, do not promote customer choice and availability. While the central bank of India had also raised the concern that it will add additional stains on banking system of the country, where threy now banks neded to review every application with the colllobaration with pevious bank system, while overlooking the custoemer profiling.

Credit Card Network Portability ( CCNP)( video)

What are the four credit card processing networks?

 Visa, MasterCard, American Express, and Discover are the four credit card processing networks

What are credit card networks and what are examples of networks?

These are virtual payment infrastructure in which merchants can recieve thier payment ,while charging the merchant an interchange fee ( or swipe fee) for the processing of a consumer transaction.