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Wednesday, September 22, 2021

The new auto debit payment system will be implemented from October 1

  The new auto debit payment system will be implemented from October 1, the bank and digital payment system cannot cut money without your permission.



    The purpose of this change is to prevent fraud

The new auto debit payment system is going to be implemented from October 1. Under this, digital payment platforms like banks and Paytm-Phone Pay will have to seek permission every time before deducting installment or bill money. They have made changes to their system in which money is not automatically deducted every time permission is granted.


What is an auto debit system?

Auto debit means that if you put electricity, LIC or any other expense in mobile app or internet banking in auto debit mode, the money will be automatically deducted from the account on a certain date.


To take advantage of this feature, your active mobile number needs to be updated in the bank. This is because notifications related to auto debit will be sent via SMS to your mobile number only.


Message will be sent 5 days in advance

Under the new system, banks will have to send a notification to the customer's mobile 5 days before the payment due date. The notification must have the approval of the customer. OTP system has been made mandatory on more than 5000 payments.

    Read In Gujarati

The purpose of this change is to prevent fraud

People always put their mobile, water bills and electricity bills in auto payment mode. As the bill payment date approaches, the money is automatically deducted from your debit or credit card account.


Under the current arrangement, the digital payment platform or bank deducts from the customer's account every month without giving any information after taking permission from the customer once. This leaves the possibility of fraud. This change has been made to address this issue.

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