 "Mastercard recently launched an authentication product called Identity Check Express that enables customers to verify transactions on their own")
Fintech unicorn Razorpay and payments technology major Mastercard have launched Mandate HQ, a platform, which the companies said is a safe and secure recurring payment interface.To further the adoption of digital payments in a safe and secure manner, the Reserve Bank of India (RBI) has issued a framework for processing of e-mandates on recurring online transactions.
RBI has made AFA (Additional Factor of Authentication) mandatory for all recurring transactions below Rs 5000 on debit cards, credit cards, even UPI and other Prepaid Payment Instruments (PPIs). All stakeholders are required to ensure full compliance with the framework by September 30, 2021.
“With the
