Card Network Portability Needs Navigation Of Challenges About Security, Efficiency, CX

Revolutionizing Choice and Competition: The foreseen Impact of Card Network Portability in India

Prabhu Elangovan, Assistant Vice President at Protean eGov Technologies,

FinTech BizNews Service    

Mumbai, April 8, 2024: Prabhu Elangovan, Assistant Vice President at Protean eGov Technologies, today in a Linkedin blog shared his interesting personal views on card network portable option. 

Prabhu: The initiative of Card Network Portability aims to enhance competition, consumer choice, and service quality in banking and financial services, though it requires careful navigation of challenges related to security, efficiency, and customer experience (CX).

ℹ Current Cards - Payment Infrastructure in India (as of Jan 2024, Source: RBI Bulletin):
Total Cards: 10570.66 Lakh (Debit: 9575.65 Lakh, Credit: 995.00 Lakh).

🔆 Foreseen Impacts:
▶ Enhanced Consumer Choice
▶ Increased Competition
▶ Impact on Banks and Card Networks
▶ Merchant and Market Dynamics
▶ Security and Fraud Management:

⚠ Implementation Challenges:
Significant backend changes and interoperability standards needed.
 Success depends on collaborative efforts for a seamless, secure ecosystem.