INSUBCONTINENT EXCLUSIVE:
Mumbai:The Reserve Bank of India (RBI) will now allow consumers to give an e-mandate for recurring payments made through Unified Payments
Interface (UPI), a move that is expected to ease small digital payments made at grocery shops and local stores.
This functionality will
allow UPI users to bypass additional factor authentication (AFA) every time a payment is made to a regular merchant by giving a onetime
instruction to the UPI service provider.
This facility was earlier available for card and wallet based payments
above-mentioned instruments will apply for UPI payments as well.
The limit on such recurring transactions has been set at ?2,000
be applicable and a payment limit, as per the existing RBI guidelines.