Amazon Cancels One-Month Prime Subscription in India Due to RBI Mandate, Discontinues Free Trial as Well
Amazon Prime, Over The Content (OTT) platform, has discontinued its former buy the one–month subscription worth Rs 129. At the same time, the free Amazon Prime trial pack is also withdrawn. All this is implemented to match the regulations issued by the Reserve Bank of India. The latter has directed financial organizations and banks to complement a factor of authentication to process regular digital transactions by September 30. The same has been highlighted on its FAQs page.
A guideline by Amazon implied, “Please note that effective 1 April 2021, owing to a Reserve Bank of India mandate, your bank may not be able to process any new requests for automated payments on your credit/debit cards. Therefore, effective 27 April 2021, we have temporarily discontinued: (i) new member sign-ups for Amazon Prime Fres4e Trial and (ii) new member sign-ups for Monthly Prime Membership until further notice. You can continue enjoying Prime membership benefits by renewing/signing up for the Three Month or Annual Prime Membership here. Effective 27 April 2021, the update under this notice will supersede any conflicting positions in the Prime T&Cs below,”.
The yearly plan worth Rs 999 and the three-month plan Rs 329 are the two plans that are available for the present users. The former is much useful as it comes at a lessened price when compared with other plans. If you don’t want to shell out extra money on Amazon prime subscription then moving to prepaid plans is the better option.
The RBI has postponed the deadline for executing the additional factor of authentication to protect the users from troubles. It had earlier declared the novel regulation in the month of August 2019. The framework was first used for wallets and cards, however, it had also covered transactions with a unified payments interface (UPI) also.
“The requirement of Additional Factor of Authentication (AFA) has made digital payments in India safe and secure. In the interest of customer convenience and safety in the use of recurring online payments, the framework mandated use of AFA during registration and first transaction (with relaxation for subsequent transactions up to a limit of Rs 2,000, since enhanced to Rs 5,000), as well as pre-transaction notification, facility to withdraw the mandate, etc. The primary objective of the framework was to protect customers from fraudulent transactions and enhance customer convenience. Based on a request from the Indian Banks’ Association (IBA) for an extension of time till March 31, 2021, to enable the banks to complete the migration, Reserve Bank had advised the stakeholders in December 2020 to migrate to the framework by March 31, 2021. Thus, adequate time was given to the stakeholders to comply with the framework,” RBI had issued in the statement.