Tech Giants Brace For Impact in India as New Payments Rule Goes Into Effect
Apple, Google, Sony, Zoom, PayPal and several other tech companies as well as scores of banks have cautioned customers and partners in India to expect a surge in declined transactions as the world's second-largest internet market's central bank enforces a new directive for the way recurring payments are processed in the country. From a report: The Reserve Bank of India's directive, which goes into effect on Friday, requires banks, financial institutions and payment gateways to obtain additional approval for auto-renewables transactions worth over 5,000 Indian rupees ($67) from users by conducting notifications, e-mandates and Additional Factors of Authentication (AFA). The directive impacts all such transactions for debit cards as well as credit cards. The Reserve Bank of India said in the original circular in 2019, that the framework was designed to serve as "a risk mitigant and customer facilitation measure," adding that the issuer processing such transactions "shall send a pre-transaction notification to the customer, at least 24 hours prior to the actual charge by SMS or email, as per the customer's preferences."
from Slashdot https://ift.tt/3uuVVI1
Read more of this story at Slashdot.
from Slashdot https://ift.tt/3uuVVI1
0 Response to "Tech Giants Brace For Impact in India as New Payments Rule Goes Into Effect"
Post a Comment