This comes in the wake of Apple's decision to stop card payments in India on its App Store and for its iCloud services. The credit card could also see significant changes from the US model, where Apple takes control of the business. In India, banks control the credit card issuance and run the business.
In value terms, payment transactions carried out through credit cards increased by 47.3 percent.
Services routed through net banking channels will not get affected. Only those involving third-party payments will have to comply with the new rules.
Credit card debt can ruin your money life. Better avoid such a situation using these smart tips.