RBI okays recurring transactions upto Rs 2,000 on cards and wallets

RBI has allowed recurring merchant payments on all prepaid wallets, debit and credit cards with a cap of Rs. 2000 from September. The decision has been made keeping in view the changing payment needs.

The Reserve Bank has also stated that customers should not be charged for availing this facility. It has also stated that additional two-factor authentication would be required during e-mandate registration, first transaction or any modification and revocation.

This facility will allow small ticket recurring transactions like monthly household purchases, subscriptions, etc to go cashless.

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