Mumbai: A sizable number of recurring payments<\/a> on websites, including OTT platforms, cloud storage and subscription-based sites, continue to fail as several merchants have not complied with the Reserve Bank’s new norms for such transactions even four months after they were notified. 孟买:相当数量的重复付款网站上,包括奥特平台、云存储和基于订阅的网站,继续失败,一些商人不遵守储备银行的新规范此类交易甚至四个月后通知。
The banks, payment aggregators and merchants ET spoke with indicated that 10-15% of total e-mandates will continue to fail as some international merchants are declining to comply with RBI<\/a>’s e-mandate rules as the returns on investment are not worth the trouble.
“Majority international merchants are not going to hop on to the e-mandate solutions<\/a> being offered by payment gateways, because they feel that the investment and changes they have to make to their systems post the RBI diktat is far too burdensome,” said a senior executive of a large payment system operator.
“So we have several international merchants who have now resigned to the fact that customers will have to take the burden of coming to their sites and process payments if they wish to continue with their subscriptions,” he added.
From October 1, 2021, banks are required to reach out to customers before deducting money towards payments based on standing debit instructions.
The RBI’s new rules mandate that banks can only process auto-debit transactions if they send a pre-debit notification to customers at least 24 hours before the payment is due. They also require a separate process flow for auto transactions above Rs 5,000. These would need customers to authenticate such payments manually with a one-time password (OTP).
Merchants, both in India and overseas, have failed to tie up with recurring payments platforms offered by payment gateways BillDesk, Razorpay<\/a> and PayU. For merchants that haven’t yet signed up for the facility, customers have to make direct payments by visiting the merchant website.
According to industry estimates, such payment volumes through recurring transactions amount to $2 billion in annualised gross transaction value (GTV).
Foreign publications and OTT platforms are the worst hit. Apple Music<\/a> has asked its customers to add cash to its Apple ID to continue the subscription, while Netflix<\/a> has put several accounts on hold due to a lack of clarity on payment information.
“We will continue to see failed transactions, a large part with international merchants and my sense is till they sign up for UPI autopay or e-mandate services we will be unable to process such transactions,” said an executive of a private bank.
ET had earlier reported that while failure rates in standing instructions could average from 5-10% across banks, currently the numbers are at least a per cent higher than normal transaction decline rates.
“There is hardly any business case for us to onboard e-mandate services. India is a small market for us, and while the RBI wants the rule to suit the Indian cardholder, it doesn’t make sense for us to just fine-tune and integrate our platforms to suit just one market,” said an international merchant who didn’t wish to be named.
<\/p><\/body>","next_sibling":[{"msid":89544505,"title":"Hackers exploiting new Microsoft, Oracle, Apple bugs: US agency","entity_type":"ARTICLE","link":"\/news\/hackers-exploiting-new-microsoft-oracle-apple-bugs-us-agency\/89544505","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[{"msid":"89547559","title":"Recurring payments","entity_type":"IMAGES","seopath":"tech\/technology\/many-recurring-payments-across-otts-cloud-storage-fail-as-platforms-ignore-rbi-rules\/recurring-payments","category_name":"Many recurring payments across OTTs, cloud storage fail as platforms ignore RBI rules","synopsis":"The RBI\u2019s new rules mandate that banks can only process auto-debit transactions if they send a pre-debit notification to customers at least 24 hours before the payment is due. ","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-22412\/89547559.cms?width=150&height=112","link":"\/image\/tech\/technology\/many-recurring-payments-across-otts-cloud-storage-fail-as-platforms-ignore-rbi-rules\/recurring-payments\/89547559"}],"msid":89555544,"entity_type":"ARTICLE","title":"Many recurring payments across OTTs, cloud storage fail as platforms ignore RBI rules","synopsis":"From October 1, 2021, banks are required to reach out to customers before deducting money towards payments based on standing debit instructions.","titleseo":"telecomnews\/many-recurring-payments-across-otts-cloud-storage-fail-as-platforms-ignore-rbi-rules","status":"ACTIVE","authors":[{"author_name":"Saloni Shukla","author_link":"\/author\/479242889\/saloni-shukla","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/479242889.cms?width=100&height=100&hostid=268","author_additional":{"thumbsize":true,"msid":479242889,"author_name":"Saloni Shukla","author_seo_name":"saloni-shukla","designation":"Deputy Banking Editor","agency":false}}],"analytics":{"comments":0,"views":111,"shares":0,"engagementtimems":555000},"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2022-02-14 07:31:35","lastupd":"2022-02-14 07:32:29","breadcrumbTags":["netflix","ott platform","reserve bank of india","recurring payments","e-mandate solutions","RBI","Internet","razorpay","apple music"],"secinfo":{"seolocation":"telecomnews\/many-recurring-payments-across-otts-cloud-storage-fail-as-platforms-ignore-rbi-rules"}}" data-authors="[" saloni shukla"]" data-category-name="" data-category_id="" data-date="2022-02-14" data-index="article_1">
银行,付款聚合器和商人等与表示,10 - 15%的总e-mandates将继续失败,一些国际商人拒绝遵守印度储备银行的e-mandate规则作为投资回报不值得麻烦。
“多数国际商人不会跳的e-mandate解决方案提供支付网关,因为他们觉得投资和改变他们必须做出系统RBI勒令太繁琐,大型支付系统的一位高管表示:“运营商。
从2021年10月1日,银行需要接触客户之前扣除钱向基于站借记卡支付指令。
印度央行的新规则要求银行只能处理auto-debit交易如果他们发送一个pre-debit通知客户付款是由于前至少24小时。他们还需要一个单独的流程流汽车交易超过5000卢比。这些需要客户手工验证此类支付一次性密码(OTP)。
在印度和海外商人,未能与经常性支付平台提供的支付网关BillDesk,Razorpay和PayU。还没有签约的商家提供的设施,客户必须支付直接通过访问商人的网站。
据业内估计,这样的支付量通过经常性交易总值20亿美元的年度交易价值(制造)。
外国出版物和奥特平台是最严重的打击。苹果的音乐已经要求客户增加现金苹果ID继续订阅,而网飞公司搁置几个账户由于缺乏明确的支付信息。
“我们将继续看到失败的事务,很大一部分与国际商人和我的感觉是直到他们报名参加UPI自动转帐或e-mandate服务我们将无法处理这样的交易,"一家私人银行的一位高管说。
ET早些时候曾报道,虽然失败率站指令可以平均5 - 10%来自银行,目前的数字至少百分之一高于正常事务率下降。
“几乎没有任何商业案例我们船上e-mandate服务。印度对我们来说是一个小市场,印度央行希望规则以适应印度持卡人对我们来说没有意义的调整和整合我们的平台来满足只是一个市场,”一个国际商人不愿具名。
读到
Mumbai: A sizable number of recurring payments<\/a> on websites, including OTT platforms, cloud storage and subscription-based sites, continue to fail as several merchants have not complied with the Reserve Bank’s new norms for such transactions even four months after they were notified.
The banks, payment aggregators and merchants ET spoke with indicated that 10-15% of total e-mandates will continue to fail as some international merchants are declining to comply with RBI<\/a>’s e-mandate rules as the returns on investment are not worth the trouble.
“Majority international merchants are not going to hop on to the e-mandate solutions<\/a> being offered by payment gateways, because they feel that the investment and changes they have to make to their systems post the RBI diktat is far too burdensome,” said a senior executive of a large payment system operator.
“So we have several international merchants who have now resigned to the fact that customers will have to take the burden of coming to their sites and process payments if they wish to continue with their subscriptions,” he added.
From October 1, 2021, banks are required to reach out to customers before deducting money towards payments based on standing debit instructions.
The RBI’s new rules mandate that banks can only process auto-debit transactions if they send a pre-debit notification to customers at least 24 hours before the payment is due. They also require a separate process flow for auto transactions above Rs 5,000. These would need customers to authenticate such payments manually with a one-time password (OTP).
Merchants, both in India and overseas, have failed to tie up with recurring payments platforms offered by payment gateways BillDesk, Razorpay<\/a> and PayU. For merchants that haven’t yet signed up for the facility, customers have to make direct payments by visiting the merchant website.
According to industry estimates, such payment volumes through recurring transactions amount to $2 billion in annualised gross transaction value (GTV).
Foreign publications and OTT platforms are the worst hit. Apple Music<\/a> has asked its customers to add cash to its Apple ID to continue the subscription, while Netflix<\/a> has put several accounts on hold due to a lack of clarity on payment information.
“We will continue to see failed transactions, a large part with international merchants and my sense is till they sign up for UPI autopay or e-mandate services we will be unable to process such transactions,” said an executive of a private bank.
ET had earlier reported that while failure rates in standing instructions could average from 5-10% across banks, currently the numbers are at least a per cent higher than normal transaction decline rates.
“There is hardly any business case for us to onboard e-mandate services. India is a small market for us, and while the RBI wants the rule to suit the Indian cardholder, it doesn’t make sense for us to just fine-tune and integrate our platforms to suit just one market,” said an international merchant who didn’t wish to be named.
<\/p><\/body>","next_sibling":[{"msid":89544505,"title":"Hackers exploiting new Microsoft, Oracle, Apple bugs: US agency","entity_type":"ARTICLE","link":"\/news\/hackers-exploiting-new-microsoft-oracle-apple-bugs-us-agency\/89544505","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[{"msid":"89547559","title":"Recurring payments","entity_type":"IMAGES","seopath":"tech\/technology\/many-recurring-payments-across-otts-cloud-storage-fail-as-platforms-ignore-rbi-rules\/recurring-payments","category_name":"Many recurring payments across OTTs, cloud storage fail as platforms ignore RBI rules","synopsis":"The RBI\u2019s new rules mandate that banks can only process auto-debit transactions if they send a pre-debit notification to customers at least 24 hours before the payment is due. ","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-22412\/89547559.cms?width=150&height=112","link":"\/image\/tech\/technology\/many-recurring-payments-across-otts-cloud-storage-fail-as-platforms-ignore-rbi-rules\/recurring-payments\/89547559"}],"msid":89555544,"entity_type":"ARTICLE","title":"Many recurring payments across OTTs, cloud storage fail as platforms ignore RBI rules","synopsis":"From October 1, 2021, banks are required to reach out to customers before deducting money towards payments based on standing debit instructions.","titleseo":"telecomnews\/many-recurring-payments-across-otts-cloud-storage-fail-as-platforms-ignore-rbi-rules","status":"ACTIVE","authors":[{"author_name":"Saloni Shukla","author_link":"\/author\/479242889\/saloni-shukla","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/479242889.cms?width=100&height=100&hostid=268","author_additional":{"thumbsize":true,"msid":479242889,"author_name":"Saloni Shukla","author_seo_name":"saloni-shukla","designation":"Deputy Banking Editor","agency":false}}],"analytics":{"comments":0,"views":111,"shares":0,"engagementtimems":555000},"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2022-02-14 07:31:35","lastupd":"2022-02-14 07:32:29","breadcrumbTags":["netflix","ott platform","reserve bank of india","recurring payments","e-mandate solutions","RBI","Internet","razorpay","apple music"],"secinfo":{"seolocation":"telecomnews\/many-recurring-payments-across-otts-cloud-storage-fail-as-platforms-ignore-rbi-rules"}}" data-news_link="//www.iser-br.com/news/many-recurring-payments-across-otts-cloud-storage-fail-as-platforms-ignore-rbi-rules/89555544">
评论
现在评论 阅读评论(1)所有评论
找到这个评论进攻?
下面选择你的理由并单击submit按钮。这将提醒我们的版主采取行动