RBI Proposal: Single View of Payment Mandates
Context:
The Reserve Bank of India has asked the payments industry to develop a system that allows users to view all their payment mandates such as subscriptions and auto-debits in one place. This includes mandates across UPI, credit cards, and other payment systems.
What is the Proposal?
The RBI is working towards creating a unified system where users can access a consolidated view of all recurring payment instructions. This will provide a single dashboard for managing subscriptions and standing instructions.
Why is This Needed?
Growth of Subscription Economy
There has been a rapid increase in subscription-based services like OTT platforms, apps, and auto-renewals, making it difficult for users to track payments.
Large Number of Mandates
- UPI alone has seen a massive number of mandates, reflecting the growing use of recurring digital payments.
Fragmented System
- Currently, mandates are scattered across different platforms such as UPI apps and banking systems, with no unified view available.
Key Features
Unified Dashboard
- Users will be able to see all their active mandates in one place across platforms.
Interoperability
The system will integrate banks, payment apps, and card networks to ensure seamless access.
Easy Management
- Users can view, modify, or cancel subscriptions easily from a single interface.
Consumer Protection
- Helps prevent hidden charges, forgotten subscriptions, and unwanted deductions.
