How To Solve Facebook Billing Issues Amidst The New RBI E

1. How To Solve Facebook Billing Issues Amidst The New RBI E-Mandate Almost all of us are accustomed to recurring payments/subscriptions in some form or the other. The option of auto payment has simplified our lives with a quick no-intervention way to pay for bills, entertainment, services, etc. However, the new e-mandate has taken India by storm. The recurring payments in India are now regulated, causing a lot of commotion amongst stakeholders and consumers. While everyone is talking about e-mandate and its effects, let’s take a closer look at the policy and how it would impact businesses, marketers, and agencies.

2. What is the e-mandate? The e-mandate policy by RBI and NPCI is a set of rules and guidelines put in place to secure automated payment options. It provides a secure infrastructure for businesses to collect recurring payments in India. Is e-mandate necessary? e-mandate was put in place to: •Reduce cyber-crimes •Curb social engineering frauds •Increase the security of transactions •Empower customers to control payments •Overcome issues of unknown charges How does it work? According to the e-mandate, issuing banks have to notify customers of any automated recurring transactions 24 hours prior. If the amount is below Rs 5,000, the authentication will be done only once. Post that every month the user will be notified via a message of the recurring payment and will have the option to cancel the same. In this case, no authentication will be required every month. For all transactions above Rs 5,000, the authentication will have to be done multiple times. Every month the transaction will have to be verified by the customer and it will go through only if it is approved. This is where the issue comes into play - daily workflows will be affected as the majority of banks and payment ecosystems are yet to adopt e- mandate regulations. For many businesses, the subscription option is a preferred worry-free way to get uninterrupted service. The e-mandate policy will certainly affect companies that rely on automated transactions. For more details: https://blog.synclarity.in/insights/how-to-solve- facebook-billing-issues-amidst-rbi-e-mandate