How this new debit, credit card rule will benefit bank customers — explained

What is card network portability?

Card network portability refers to the ability of consumers to transfer their card accounts from one network to another. Just like we can switch our mobile service providers while keeping the same phone number, card network portability allows cardholders to maintain their existing card accounts, balances, and credit history while switching to a different payment network.

“This flexibility empowers consumers to choose the network that best suits their needs, whether it's based on factors like rewards programs, acceptance, or customer service. It enhances competition among credit card networks and gives consumers more control over their financial choices," said Amit Gupta, MD, SAG Infotech.

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