There is going to be a big change in the auto debit payment system. The new debit payment system will be implemented from October 1. According to this new debit payment system, now banks and digital platforms like PhonePe, Paytm will have to take permission from you before deducting the installment or bill. They will have to make such changes in their system that they will not be able to deduct your money without permission.
HDFC issued notification
HDFC Bank has issued a notification regarding this new rule. According to the notification issued regarding auto pay, the bank will not accept any instructions regarding e-mandate processing or auto debit processing unless it is in conformity with the Reserve Banky Guidelines. If you have linked the auto biller to your credit or debit card using the bank’s mobile app or internet banking, then it will not work.
A common platform has been prepared regarding E-Mandate. HDFC Bank was told that it has upgraded the internal development under the new regulation. Till this facility goes live, the bank is providing some facility to its customers.
Facility started for Limited Merchant
Any kind of payment can be done with HDFC card. With the help of banking, phone bill, electricity bill, gas bill, mobile bill, DTH bill, LPG bill can be added to the biller. Currently, Netflix and Amazon Prime have been linked to the platform as merchants. Auto payment facility has been started for both of them. At present, the facility of Auto Pay is not available on Master Card, Diners Card, Rupay Card. Very soon the facility of auto pay will be started on these cards as well.
Money will be deducted after the permission of the customers
Your mobile number should be updated in the bank to get the facility of the new system. This is because the notification of debit will come through SMS on this updated number of yours. Keep in mind that the new debit system will be applicable only on the mode of debit and credit cards or auto debit payments set up on them.
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