New Delhi, March 30
Come April, there will be no automatic recurring payment for various services, including recharge and utility bill as RBI has made Additional Factor of Authentication (AFA) mandatory after March 31.
However, banks and payment gateways are seeking additional time to comply with the RBI directive on automatic recurring payment.
On December 4, RBI had directed all banks including RRBs, NBFCs, and payment gateways that the processing of recurring transactions (domestic or cross-border) using cards or Prepaid Payment Instruments (PPIs) or Unified Payments Interface (UPI) under arrangements/practices not compliant with AFA would not be continued beyond March 31, 2021.
As part of risk mitigation measure, RBI announced this step to bolster safety and security of card transactions.
Non-readiness of some of the players could impact recurring payment such as of utility bills, recharge of phone, DTH and OTT, among others, post March 31. — PTI
Risk mitigation measure
- On December 4 last, RBI had directed all banks and payment gateways that the processing of recurring transactions using cards or Prepaid Payment Instruments or UPI under arrangements/practices not compliant with AFA would not be continued beyond March 31
- As part of risk mitigation measure, RBI announced this step to bolster safety and security of card transactions
from The Tribune https://ift.tt/3fz6owN
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