End of the plastic smile: Tectonic change is roiling credit card industry

Tectonic change is roiling the credit card industry, and the rules of the game are being reset

Topics
Credit card industry | Reserve Bank of India | credit card approvals

Raghu Mohan 

Last month, the Reserve Bank of India (RBI) relaxed the deadline for banks to comply with the additional factor authentication for recurring online payments by six months, to September 30, 2021. Reason: Over 18 months after the central bank mandated the switchover in August 2019, banks are still not ready.

But regulatory forbearance may not save them from the march of technology. Take a look at the credit card industry, where tectonic changes are on the way. You have close to 60 million credit cards, but only about 35 million are with unique customers — millions of cards are just one ...

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, April 12 2021. 06:10 IST
RECOMMENDED FOR YOU
.