From April 1, payment through ATM Card is going to be a huge change

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BanglaHunt Desk: This time, the cardholders are facing problems in submitting mobile bills and OTT subscriptions through ATM cards. New guidelines have been issued by the Reserve Bank of India (RBI). As a result, the new rules of RBI are going to be implemented from tomorrow, i.e. from April 1. If it is really introduced as per the guidelines, then cardholders are going to face obstacles in submitting subscriptions to mobile bills, OTT platforms, digital newspapers.

It is learned that in this case, automatic payment (AutoPay) may be disrupted from April 1. The RBI’s new guidelines state that it is time to implement a directive issued in December 2019 on auto debit transactions through prepaid payment systems such as credit, debit and mobile wallets. The AFA was informed at that time about the above auto debit transaction. According to the New Guideline, there are plans to introduce auto debit system instead of prepaid payment system.

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If effective, a notice will be sent to the mobile of those customers on behalf of the connected bank for this auto debit on multiple issues like mobile bill, OTT platform, digital newspaper subscription. If the customer responds, then the issue of payment will be started. However, if there is an auto payment above Rs 5,000, an OTP will also be sent on behalf of the bank.

Informed quarters, however, are looking at the whole process from both positive and negative perspectives. Like them, the downside if this process is effective is that multiple large banks have not yet prepared themselves for the process. If the process is effective from April 1, the auto debit payment system may be in jeopardy at the outset. On the positive side, the use of UPI’s autopay system will not affect such auto debit payments in any way.

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