Risk encountered in credit/debit card online transaction facility!
Posted on: 09/Mar/2020 6:10:24 PM
A majority of credit/debit cardholders use them mostly for withdrawing money from ATMs and buying items from shops.
However, most credit/debit cardholders have not shown keen interest in utilising these cards for online financial transactions!
In fact, a majority of the card-holders do not know how to use the online!
In this scenario, a condition has emerged constraining the cardholders making it mandatory to use online transaction at least once!
A risk has emerged that in case of online transaction has not been done, all the online facilities extended to these cards will be withdrawn!
In this regard, the Central Reserve Bank of India has released this order on 15th January itself! Accordingly, an order has been released that for those cards which have not been used for online transactions before 16th March, these services will be permanently withdrawn.
The Reserve Bank of India has insisted that the cardholders must transact online or swiping before the set date.
At the same time, RBI has instructed the banks to provide net-transaction when needed and to remove it when not needed.
Further, RBI has instructed the banks that the customers must decide the upper limit for transactions.
Thus, as per the latest situation, the card-holders who have been ignoring online transactions, thus far, will have to start using them now!
The experts in the field of finance observe: Though it is not an immediate crisis, this usage of the online transaction facility would prepare the card-holders ready for the future when online credit/debit card usage becomes almost mandatory!
