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Razorpay, MasterCard launch MandateHQ to help banks
July 08, 2021
Razorpay launched MandateHQ, a product to help banks comply with the Reserve Bank of India’s rules on recurring payments, in organization with Mastercard.
In a bid to make recurring payments in India more secure, the RBI presented an ‘Additional Factor of Authentication’ (AFA), where it requested that banks inform their clients 24 hours ahead of time about any recurring installments and just interaction it once they advance the go-beyond. The pre-exchange notice by means of SMS or email should incorporate the name of the merchant, the amount due, and the date and time of debit, the central banking authority said.
The new guideline will be applicable to all types of recurring payments, for example, telephone charges, OTT subscription charges, SIPs, etc., according to the RBI.
Razorpay’s API-based plug and-play product is relied upon to help with making this process much simpler for banks to automate the entire process, end to end right from creating, viewing, and updating the recurring payment mandate, to cancelling and paying them as per the customer’s inputs.
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