Explained | Effect of RBI’s recurring payment rule on international subscription services
The Hindu
How RBI’s e-mandate rule is affecting India-based users of international subscription services
On October 1, the (AFA) took effect, providing an extra layer of security to consumers against online scams. The move effectively changed the framework of recurring digital transactions.
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According to the new policy, for all recurring payments over ₹5,000 made via debit cards, credit cards, e-wallets, and the Unified Payments Interface (UPI) facility, customers will be asked to verify before the service provider auto-debits cash. For transactions under ₹5,000, consumers have to re-authenticate their standing instructions.
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