The Reserve Bank of India (RBI) has implemented a new regulation giving Indian credit card users more control over their payment experience. Starting in six months, card issuers will be required to offer customers the option to choose from multiple card networks at the time of issuance or renewal.

Previously, the card network was typically pre-determined by the issuing bank, limiting customer choice and potentially impacting features or rewards offered. This new regulation aims to empower users by enabling them to select a network that best aligns with their needs and preferences.

The change applies to most credit card issuers, except those with less than 1 million active cards and those issuing cards on their own authorized networks. Major card networks like Visa, Mastercard, American Express, and RuPay are all included, providing users with a wider range of options.

While the long-term impact remains to be seen, initial reactions suggest mixed feelings. While cardholders welcome the increased choice, some industry experts express concerns about potential impacts on existing reward programs and partnerships between issuers and networks.

Overall, the RBI's directive represents a significant step towards empowering Indian credit card users. By providing them with the ability to choose their preferred network, the regulation aims to enhance transparency, promote competition, and ultimately benefit consumers.