March 16 is a date that should matter to you if you have never used your debit or credit card for online transactions. The online or contactless transactions facility will be mandatorily disabled on your debit or credit card on March 16, 2020 if you have never used it for such transactions.
To increase security of debit or credit card transactions, the Reserve Bank of India (RBI) issued a notification on January 15, 2020, asking card issuers to disable online transactions and contactless payment services of all those credit and debit cards that have never been used for an online or contactless transaction. Cardholders now have only time till March 16 to use suchr cards for online, contactless transactions to stop them being disabled for these transactions.
A contactless transaction occurs when one buys products or services via debit or credit card using radio frequency identification (RFID) technology enabled on the cards.
According to the RBI notification, “For existing cards,…
