From April 1, automatic recurring payments to change. Know why – News 24-7 Live News 24-7 Live
From April 1, automatic recurring payments to change. Know why

From April 1, automatic recurring payments to change. Know why

Banks and payments getaways are seeking more time to adhere to the new RBI regulation. A senior e-commerce executive told PTI that the industry is not ready to impose the central bank’s e-mandate rule.

There will be no automatic recurring payments for your mobile, utility, recharges and other such bills from April 1 due to a new regulation of the Reserve Bank of India (RBI), which has made Additional Factor of Authentication (AFA) mandatory after March 31. This regulation will also impact recurring payments of Over The Top (OTT) platforms such as Amazon Prime, Netflix, Hotstar etc along with Direct To Home (DTH) services like Tata Sky, DishTV etc.

On December 4 last year, the central bank instructed all banks including Non-Banking Financial Companies (NBFCs), payment gateways that the process of recurring transactions using credit or debit cards, Unified Payments Interface (UPI) or Prepaid Payment Instruments (PPIs) non-compliant with the AFA authentication will not be allowed to continue after March 31 this year, news agency PTI reported. The decision was announced with a view to strengthening the security and safety of transactions done through cards.

News Source : Hindustan times

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