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The new facility on a debit card, credit card to make payment more comfortable: 10 digits

by Ganpat Prajapati
August 22, 2019
in Business
0
The new facility on a debit card, credit card to make payment more comfortable: 10 digits

The maximum limit for a transaction under this new facility on credit, debit cards is ₹2,000 (Image Source: Finder)

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A merchant, who is recurring in nature, is set to make small ticket payments, accessible through his debit, credit or prepaid card (including purse). To promote digital transactions and facilitate payments through debit cards and credit cards, the Reserve Bank of India (RBI) has allowed the card issuer to facilitate e-orders to its customers. This e-order facility, currently available with bank accounts, enables the financial institution to debit the amount from the bank account automatically. The new rules come into effect from 1 September and apply for transactions made using all types of cards – debit, credit and prepaid payment instruments (PPIs), including purses.

“RBI is receiving requests from industry stakeholders to allow e-order registration and processing of e-orders on the card for recurring transactions with AFA (additional factor of authentication) during the first transaction and simple/Frequent subsequent transactions,” the central said. The Reserve Bank of India also said that this facility could be reviewed at an appropriate time to expand other digital modes of payment.

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01. The credit or debit cardholder can give a mandate to the card issuer for automated payments to a merchant. The maximum limit for a transaction under this facility is ₹2,000.

02. The new e-mandate arrangement on credit, debit cards or wallets will be only for recurring transactions and not for a ‘once-only’ payment, the RBI said.

03. The cardholder – debit or credit – will not be priced extra for availing this e-mandate facility on cards for recurring transactions.

04. A debit or credit cardholder who wants to opt for this e-mandate facility on cards will have to undertake a one-time registration method, with AFA (extra factor of authentication) validation by the issuer.

05. For processing the first transaction in an e-mandate based recurring transaction series, AFA validation shall be performed.

06. Subsequent recurring activities shall be performed only for those cards which have been successfully enrolled and for which the first transaction was successfully authenticated and authorized, the RBI said.

07. Subsequent transactions may be performed without AFA.

08. If the debit/credit holder wishes to withdraw the e-mandate at a later stage, the cardholder will have to give an online facility to the cardholder to opt-out.

09. In respect of withdrawn e-mandates, the acquirers shall ensure that the merchants on-boarded by them, erase all details, including payment device data, the RBI said.

10. The card issuers have to put in place “a proper redress system to facilitate the cardholder to lodge grievances. Card networks shall also put in place dispute resolution mechanism for resolving these disputes with clear turnaround time,” the RBI said.

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If you want to more about contactless credit cards, visit here: contactless credit card machine payments.

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Ganpat Prajapati

Ganpat Prajapati

The idea of The Thus landed this businessman to the digital avenue. Ganpat brought life to this idea and rendered all that was necessary to create an interactive and attractive platform for the readers. Apart from managing the platform, he also contributes his expertise in Top Stories, Business, and Health niche.

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