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Will the Budget bring credit card international spends under TCS?

Money Control

Money Control · 1y ago

Will the Budget bring credit card international spends under TCS?

The government's flip-flop on tax collected at source (TCS) on credit card international spends finally ended last year, sparing credit cardholders from the TCS axe. While TCS applies to international transactions via debit cards and other payment modes once they cross the Rs 7 lakh per person per financial year limit, credit card transactions remain exempt. Experts believe it is unlikely that the government will bring credit cards under the TCS net in Budget 2024, as banks are not ready with the required systems.

Related News

As RBI forces bigwig issuers to rein in credit cards, lenders turn wary of plastic

Money Control

Money Control · 1y ago

As RBI forces bigwig issuers to rein in credit cards, lenders turn wary of plastic

In May, there was a moderation in the growth of credit card issuance and spends in India. The Reserve Bank of India has imposed bans on credit card issuance as a penalty on select banks in recent months. Banks have become more cautious as the growth in credit card spends has shown a decline. However, the volume of card swipes for smaller transactions remains high. The integration of UPI and credit cards may have contributed to this volume.

PhonePe & HDFC Co-branded Credit Card: Inside the Benefits of the 'Ultimo' Variant

YourStory

YourStory · 1m ago

PhonePe & HDFC Co-branded Credit Card: Inside the Benefits of the 'Ultimo' Variant

HDFC Bank and PhonePe have launched the 'Ultimo' co-branded credit card, integrating UPI convenience with credit card benefits. Targeted at Indian users, the Ultimo card offers rewards on UPI transactions, with a 10% reward on PhonePe app spends and 5% on select online brands. The card comes with a ₹999 joining fee, offset by welcome offers and rewards. Additional perks include domestic lounge access and seamless card management via the PhonePe app.

PhonePe, HDFC Bank partner to launch UPI-linked co-branded credit cards

YourStory

YourStory · 2m ago

PhonePe, HDFC Bank partner to launch UPI-linked co-branded credit cards

PhonePe and HDFC Bank have launched a co-branded credit card linked to UPI, targeting India's digitally savvy consumers. The card, available in two variants, integrates with the UPI network, allowing credit payments via UPI QR codes at merchants. This partnership combines PhonePe’s user base with HDFC’s credit expertise. The card offers rewards such as 10% points on selected spends and airport lounge access, reflecting a trend of co-branded cards in India’s payment ecosystem.

Credit Card Spending Via UPI At INR 10K Cr Per Month: NPCI

Inc42 · 1y ago

Credit Card Spending Via UPI At INR 10K Cr Per Month: NPCI

The credit lines on UPI account for a significant portion of credit card spends every month, according to NPCI MD & CEO Dilip Asbe. This raises concerns over delinquency levels for small loans below INR 50,000. The objective of Central Bank Digital Currency (CBDC) is not to compete with UPI, as it offers additional features like programmability.

Issues with credit card bill payments through third-party apps

Economic Times

Economic Times · 1y ago

Issues with credit card bill payments through third-party apps

The Reserve Bank of India (RBI) has mandated that credit card bill payments be processed through the Bharat Bill Payment System (BBPS) starting July 1. This move aims to enhance security, reduce fraud, and bring standardized grievance redressal to credit card transactions. Currently, only 12 banks are operational on BBPS for credit card bill payments, with major players like HDFC Bank and Axis Bank still in the integration process. Third-party apps like PhonePe, Amazon Pay, and Cred will be impacted as BBPS becomes the default bill payment network, potentially affecting their margins and exclusivity.

RBI diktat to banks, credit card companies set to upend long-term integrations

Economic Times

Economic Times · 1y ago

RBI diktat to banks, credit card companies set to upend long-term integrations

The Reserve Bank of India's recent directive to banks and card schemes like Visa and Mastercard to avoid exclusive arrangements could pose a challenge to the long-standing partnerships between these institutions. Banks have relied on integrated partnerships with these card schemes to make their credit card operations profitable and appealing to customers. However, with the option for customers to choose other card schemes like RuPay, these partnerships may face disruption. Banks will need to educate customers on the differences between card schemes, and the regulatory push to make RuPay a significant player may further reduce reliance on international giants like Visa and Mastercard. Implementing this directive will be challenging for banks already grappling with regulatory changes and aiming to maintain a level playing field. In a rapidly growing Indian credit card market, these changes will affect lenders' financial plans and cobranded card partnerships.

Yes Bank announces partnership with Zaggle to launch next-gen corporate credit card

IndianStartupNews

IndianStartupNews · 2y ago

Yes Bank announces partnership with Zaggle to launch next-gen corporate credit card

Yes Bank today announced the partnership with spend management platform Zaggle to launch a co-branded Corporate Credit Card that targets corporations that allocate a substantial portion of their company's budget to travel and entertainment expenditures.

RuPay launch in Maldives, new runaway at airport to ease transaction, boost connectivity

YourStory

YourStory · 10m ago

RuPay launch in Maldives, new runaway at airport to ease transaction, boost connectivity

- Inauguration of a new runway in the Maldives under an airport redevelopment project assisted by India - Launch of the RuPay card in the Maldives to boost economic ties and tourism cooperation between India and the Maldives - Joint virtual inauguration by Prime Minister Narendra Modi and Maldivian President Mohamed Muizzu - Live transaction using a RuPay payment service card witnessed by the two leaders - India's Neighbourhood First policy and SAGAR vision underpinning the strong relationship between India and the Maldives - New runway at Hanimadhoo International Airport marks a significant milestone in the ongoing expansion project, with complete new infrastructure provided under an Indian Line of Credit of USD 132 million

Kotak Mahindra Bank open to more partnerships on co-branded credit cards, says senior executive

Money Control

Money Control · 1y ago

Kotak Mahindra Bank open to more partnerships on co-branded credit cards, says senior executive

Kotak Mahindra Bank is planning to launch more co-branded credit cards in partnership with industry players. The bank currently has five co-branded credit cards with IndiGo Airlines, PVR, Indian Oil Corporation, Myntra, and Metro Cash and Carry. Additionally, Kotak Bank has partnered with BookMyShow to offer discounts on tickets for international artists, which has seen significant growth in credit card spending. The bank is also focused on boosting its RuPay credit card business, which has been performing well.

NPCI to sign pact with Al Etihad Payments of UAE for cross-border transactions

Economic Times

Economic Times · 1y ago

NPCI to sign pact with Al Etihad Payments of UAE for cross-border transactions

NPCI International Payments Ltd is set to sign an agreement with Al Etihad Payments in Abu Dhabi to enable cross-border transactions. The memorandum of understanding aims to develop the UAE's domestic card scheme based on India's RuPay debit and credit card stack. The agreement will be signed in the presence of India's commerce and industry minister, Piyush Goyal, during his visit to Abu Dhabi, where he will co-chair the eleventh meeting of the India-UAE High-Level Task Force on Investments.

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