Tech giants brace for impact in India as new recurring payments directive goes into effect - NewsBreak

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By Alvarez in Business
Updated 3 years ago

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.