Business Standard

Tipping point: What is e-mandate for recurring payments transaction?

The user needs to complete a one-time registration procedure. An option will be given to provide e-mandate for either a fixed value or a variable value

digital payment, e-wallet, mobile wallet
Premium

Business Standard
If you make regular payments to merchants through debit, credit or prepaid cards, you can now set up a mandate for automated payments. Just as an equated monthly instalment (EMI) is deducted from your bank account regularly, you can now make similar recurring pay­me­nt to merchants. The Reserve Bank of India has capped the amount for such recurring payments at Rs 2,000. There will be no charges. 

The user needs to complete a one-time registration procedure. An option will be given to provide e-mandate for either a fixed value or a variable value. Any change in the mandate will need authentication

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Aug 28 2019 | 11:45 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com