Debit, credit card automatic payment rule to change from April 1: All you need to know
3 years, 8 months ago

Debit, credit card automatic payment rule to change from April 1: All you need to know

India Today  

The automatic or recurring payment facility for mobile recharges, utility and other bills is likely to be stopped from April as the Reserve Bank of India has made an additional factor of authentication mandatory after March 31. The central bank had earlier stated that recurring or automatic payments using debit cards, credit cards, Unified Payment Interface and other prepaid instruments will need mandatory AFA from April 1. ALL YOU NEED TO KNOW As per the RBI directive, automatic or recurring payments from debit and credit cards or wallets will require additional authentication from the customer. RBI said, "A cardholder desirous of opting for e-mandate facility on card shall undertake a one-time registration process, with AFA validation by the issuer.” It may be noted that the limit for automatic or recurring payments from cards and various wallets has been set at Rs 5,000. As mentioned earlier, the new automatic or recurring payment rule will apply to all types of transactions involving debit card, credit card, UPI, PPI and mobile wallets.

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History of this topic

Credit Card: RBI Extends Deadline to Implement New Rules to October 1; Know the Changes
2 years, 6 months ago

Credit Card: RBI Extends Deadline to Implement New Rules to October 1; Know the Changes

News 18  

The Reserve Bank of India on Tuesday extended the timeline to implement various provisions related to credit card issuance till October 1. Moreover, the terms and conditions for payment of credit card dues, including the minimum amount due, shall be stipulated, the Reserve Bank of India said. Credit Card Rules to Change from July 1 Earlier in April, the Reserve …

Debit Card, Credit Card Online Payment Rule Changes from Next Month: Know Details
2 years, 6 months ago

Debit Card, Credit Card Online Payment Rule Changes from Next Month: Know Details

News 18  

Debit, Credit Card Tokenisation: From next month, every Indian who does online transactions using a debit or credit card will have to remember their card details every time they make a payment as these rules are going to change from July 1. From this date, the Reserve Bank of India, or RBI, which is in charge of setting banking rules …

Debit, Credit Card Rule Changes Next Month: Enter Card Number for Every Online Payment or Do This
2 years, 6 months ago

Debit, Credit Card Rule Changes Next Month: Enter Card Number for Every Online Payment or Do This

News 18  

Debit, Credit Card Tokenisation: The Reserve Bank of India or the RBI, being thhe central bank of the country, is in charge of protecting the security of all citizens in India who carry out bank transactions. With an aim to protect the security of customers, the RBI last year issued debit card and credit card tokenisation guidelines whereby merchants were …

RBI Policy: Now, no OTP needed for auto-debit recurring payments upto Rs 15,000
2 years, 6 months ago

RBI Policy: Now, no OTP needed for auto-debit recurring payments upto Rs 15,000

India TV News  

Highlights RBI had in 2019 first introduced the rule for processing recurring payments The latest decision means that customers will no longer need to authenticate payments manually The RBI decided to increase the limit after stakeholders urged central bank to revise the cap RBI Policy: The Reserve Bank of India has increased the limit for auto-debit mandates for making recurring …

New Online Card Payment Rules Delayed To July 2022: Details
2 years, 11 months ago

New Online Card Payment Rules Delayed To July 2022: Details

News 18  

Apps and websites like Amazon, Flipkart, Zomato, and more will not be able to save your card information on their platforms, according to new guidelines from the Reserve Bank of India. In a press release, RBI said that tokenisation of card data shall be done with explicit customer consent requiring additional authentication. Tokenisation helps apps to replace card details with …

New RBI Rule: Confusion Over Auto Debit Payment System Adding To Customers' Woes
3 years, 2 months ago

New RBI Rule: Confusion Over Auto Debit Payment System Adding To Customers' Woes

ABP News  

New RBI Rule: A major change in the Auto Debit option came into effect on October 1. Due to this RBI rule, customers who have taken monthly subscriptions to services like Netflix, Amazon Prime, other OTT platforms or websites are facing issues as their subscription cannot be automatically renewed anymore. RBI's new rule on Auto Debit facility A major change …

In Focus: Will your recurring payments fail from today?
3 years, 2 months ago

In Focus: Will your recurring payments fail from today?

Business Standard  

Starting today, every customer who makes use of recurring transactions using debit cards, credit cards and Unified Payments Interface must undertake a one-time additional factor authentication for smooth auto-debit transactions starting today. Banks have been informing customers for some time now that their standing instructions on recurring payments will not be honoured as comply with the RBI guidelines. The new …

Debit Card, Credit Card Auto Payment to Fail from Today If you Don't Follow New Rule
3 years, 2 months ago

Debit Card, Credit Card Auto Payment to Fail from Today If you Don't Follow New Rule

News 18  

To ensure the security of transactions, the Reserve Bank of India mandated a new rule for the auto-debiting facility of banking transactions that were set to take effect from October 1, Friday. To prevent any inconvenience to the customers, Reserve Bank has decided to extend the timeline for the stakeholders to migrate to the framework by six months, i.e., till …

Automated bill/card payments stop from today
3 years, 2 months ago

Automated bill/card payments stop from today

Deccan Chronicle  

New Delhi: Effective October 1, automatic recurring payments that you make via your debit, credit cards or mobile wallets/UPI will not be automatic but would require your authentication. Payment services such as electricity bills, gas, water or any other utility bills, mobile recharge, DTH, OTT, automatic subscriptions for newspapers, magazines, insurance premium, Netflix, Amazon, will mandatorily require additional factor of …

Credit card, debit card payment: New rule on auto-debit transactions from next month
3 years, 3 months ago

Credit card, debit card payment: New rule on auto-debit transactions from next month

Live Mint  

Starting from next month, the auto-payment rules are likely to be changed. The Reserve Bank of India earlier stated that recurring transactions using debit cards, credit cards, Unified Payments Interface or other prepaid payment instruments will need additional factor authentication. “As per RBI guidelines on ‘Processing of e-mandate on cards for recurring transactions’, effective 1st October 2021, existing/new Standing Instructions …

RBI defers rules on auto debit transactions till Oct
3 years, 8 months ago

RBI defers rules on auto debit transactions till Oct

Live Mint  

The Reserve Bank of India on Wednesday deferred new rules on automatic debit by six months, in a relief to banks, customers and the digital payments ecosystem unprepared for the 31 March deadline. A central bank notification said the industry has not fully implemented the new framework it announced in August 2019, and that “non-compliance will be dealt with seriously”. …

RBI Extends Deadline for New Guidelines on Auto-Payment of Bills, Subscriptions to Sep 30
3 years, 8 months ago

RBI Extends Deadline for New Guidelines on Auto-Payment of Bills, Subscriptions to Sep 30

News 18  

The Reserve Bank of India had recently announced that automatic payment of things like bills and subscriptions will not be allowed starting April 1, directing all banks including RRBs, NBFCs, and payment gateways that the processing of recurring transactions using cards or Prepaid Payment Instruments or Unified Payments Interface under arrangements/practices not compliant with AFA would not be continued beyond …

Your Auto-debit Facility for Bills Might Fail from April 1; Here's Why
3 years, 8 months ago

Your Auto-debit Facility for Bills Might Fail from April 1; Here's Why

News 18  

Have you subscribed to any auto-debit facility for bills? Come April 1, your recurring monthly bill payments like mobile phones, utility bills, subscription charges for OTT streaming services, among others may soon be affected. RBI in its diktat has made it mandatory for banks to seek customer’s approval before completing any such transaction.The Banking regulator has given time till March …

Auto-Payment Of Bills, Subscriptions May Face Issues From April 1 Due to RBI Direction
3 years, 8 months ago

Auto-Payment Of Bills, Subscriptions May Face Issues From April 1 Due to RBI Direction

News 18  

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 mandatory after March 31. On December 4, RBI had directed all banks including RRBs, NBFCs, and payment gateways that the processing of recurring transactions using cards or Prepaid Payment Instruments or Unified Payments Interface under …

Online automatic transactions will not fail from April 1, RBI extends deadline by 6 months
3 years, 8 months ago

Online automatic transactions will not fail from April 1, RBI extends deadline by 6 months

India Today  

The Reserve Bank of India has now extended the timeline for implementation of new guidelines for automatic payment system by six months. Previous reports had noted that the RBI had refused to grant an extension to banks following which banks started notifying customers about failure in automatic recurring payments from April 1. For transactions above Rs 5000, banks will also …

Automatic recurring payment to comply with RBI direction from April 1
3 years, 8 months ago

Automatic recurring payment to comply with RBI direction from April 1

The Hindu  

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 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 …

Debit Card, Credit Card new rules come into force from October 1. All you need to know
4 years, 2 months ago

Debit Card, Credit Card new rules come into force from October 1. All you need to know

India TV News  

In an attempt to make online and card payments more secure, the Reserve Bank of India has issued new guidelines that will be effective from October 1, 2020. RBI's new guidelines for Credit, Debit card holders: As per new rules, people will now be able to register for preferences such as opt-in or opt-out services, spend limits and other services …

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