Page 7 - Additional Factor News Today

RBI Update! Change in rules for online transactions via credit/debit cards from January 1 - Know more - Customers can tokenise their cards only with explicit consent that requires Additional Factor of Authentication (AFA)

The Reserve Bank of India (RBI) recently announced online transaction guidelines said that the e-commerce websites will not be able to store customers’ card details from January 1, 2022. RBI has pushed the online transaction guidelines by another six months, to June 30, 2022.

New RBI rule for online credit, debit card transactions not applicable from January 1- Know details - While the earlier deadline for the tokenisation rule was January 1, RBI has now extended it to July 1, 2022.

Under RBI guidelines, e-commerce platforms such as Amazon or Flipkart won’t be able to save customers’ card details any longer. Customers will have to enter their card details every time they carry out an online transaction. However, to avoid the hassle, customers can choose to tokenise their cards. Here are 10 key takeaways on the change.

As per the new rules, customers will need to enter their debit and credit card details at every checkout as their card details will no longer be saved on these platforms. However, one way to avoid the hassle of adding card details at every transaction will be solved through tokenisation.

We address key concerns about selling merchandise to India’s online market, including choosing the right business model, compliance, and tax liability.

With the UPI Auto-Pay facility, customers can use any UPI application for recurring payments such as electricity bills, EMI payments, insurance, mobile bills, etc

Amazon Prime monthly subscription is available in three different models. The first one with a validity of one month, which costs Rs 129. The second one with a validity of 3 months, which costs Rs 329. While the third one with a validity of 1 year, which costs Rs 999.

PPIs issued by banks and non-banks should be interoperable by March 2022: RBI May 19, 2021 Interoperability shall be mandatory on the acceptance side, says the central bank The Reserve Bank of India (RBI) on Wednesday said interoperability amongst Prepaid Payment Instruments (PPIs) issued by banks and non-banks should be enabled by March 31, 2022. PPIs are instruments that facilitate purchase of goods and services, including financial services, remittances, funds transfers, against the value s...

Amazon discontinues one-month Prime subscription plan worth Rs 129, will no longer offer free trial Amazon Prime will no longer free trials and a one-month subscription plan costing Rs 129 to comply with RBI guidelines. advertisement Reuters HIGHLIGHTS OTT platform Amazon Prime will not allow users to buy the one-month subscription plan worth Rs 129. The company has also discontinued the free Amazon Prime trial pack as well. The RBI has ordered banks and financial institutions to add a factor...