W.e.f 1st, July, 2024 - RuPay Debit/Credit cards are not allowed for Magstripe & Fallback Transactions (Now use only EMV Chip)
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W.e.f 1st, July, 2024 - RuPay Debit/Credit cards are not allowed for Magstripe and Fallback Transactions (Now use only EMV Chip):
Presently, all Point of Sale (POS) terminals in India are capable of processing EMV chip based transactions. However, there have been cases of card misuse where counterfeit cards, created using the magstripe data of EMV cards, were used to perform transactions as magstripe or fallback transactions.
Hence, as part of our ongoing efforts to enhance transaction security, NPCI shall be blocking magstripe and fallback transactions for RuPay cards as prescribed below. This action is aimed at mitigating the risks associated with card skimming and cloning frauds.
Key Points:
1) The RuPay Steering Committee meeting held on 1st February 2024 endorsed the implementation of below rules for blocking Magstripe and Fallback transactions.
| Transaction Type | Magstripe | Magstripe | Fallback | Fallback |
|---|---|---|---|---|
| Product | Domestic | International | Domestic | International |
| RuPay Debit | To be declined | Allowed | To be declined | To be declined |
| RuPay Credit | To be declined | Allowed | To be declined | To be declined |
| RuPay Prepaid* | Allowed | Allowed** | To be declined | To be declined |
*As per RBI's Master Directions on PPIs, Gift PPIs may continue to be issued with or without EMV Chip and PIN enablement.
**Applicable for Forex Cards.
2) Internationally acquired transactions using magstripe shall be permitted for credit and debit cards as magstripe transactions are still permitted in other geographies. Issuers are advised to implement suitable controls as they see fit to mitigate the risks associated with magstripe transactions.
3) above changes will take effect from 1st July 2024.
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Magstripe need for International POS transaction.
What does it mean for Pineperks rupay card?
Will they stop working now?
@abhishek012 @DeciDeaim
Why do these people announce policies at the nick of moment and stroke of clocks.
Don't these idiots know it is such an inconvenience.
For example neet pg exam was cancelled at 10 PM the day before, what about those who already are in a journey for the exam ??
They can and should announce with enough time to prevent inconvenience.
No one is using nowadays RuPay Debit/Credit cards for Magstripe Transaction.
![Instamart JBL Tune Over-Ear Wireless headphones With Mic [location specific]](https://cdn2.desidime.com/topics/photos/1885498/medium/IM_OGimage.png?1732802145)
Nice, why don't they abolish this years old tech magstripe altogether? And don't create it on newly issued cards... if chip fails, request a new card... magstripe wears out a lot also compared to a chip reader...