Keeping in mind, the Reserve Bank Of India guidelines, Amazon discontinues 1 month Prime subscription in India.
If you have been an Amazon patron, you must be knowing that Amazon offers 3 types of subscription to Indian users –
- One Month
- Three Months
- One Year
Amazon will now only offer a three month subscription and an annual subscription for Prime.
Why Amazon Discontinues 1 Month Prime Subscription In India?
The new guidelines from RBI requires banks and financial institutions to introduce an additional step of authentication for processing recurring online transactions. As per the RBI mandate, “arrangements/practices not compliant with AFA would not be continued beyond 31st March 2021.”
Under the new norms, banks will need to notify customers beforehand with regards to any due recurring payment. The transaction will only happen once the user has authenticated the transaction and approved it. Moreover, the banks will need to send users a one-time password (OTP) to hold out a recurring payment more than INR 5000.
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