techno.rentetan.com – Amazon won’t offer prime membership monthly in India anymore. In the future, only 3 months or annual Prime Membership will be offered by the e-commerce giant. The amount of subscriptions for the Amazon Prime startup started at Rs. 129 per month but was deleted to adhere to the new mandate of Reserve Bank of India. The new RBI Guideline calls for the implementation of an additional authentication factor (AFA) in the processing of recurring online transactions. This new mandate was due to be implemented by 30 September.
In order to reflect the monthly membership removal of Amazon Prime subscription, Amazon updated its support page. Amazon also has temporarily discontinued new Amazon Prime-free trial membership registrations since April 27, 2013. If a user wishes to purchase or renew Amazon Prime membership, he or she can only purchase an annual subscription or three months’ membership. Amazon Prime is subscribed for Rs 329 for a period of 3 months and Rs. 999 is awarded annually for annual membership.
Originally announced in August 2019, a new RBI framework was set and a lengthened deadline of 30 September was set for banks and financial institutions. This time limit has been extended to “prevent customer inconvenience.” The 360 device has discovered the pressures by merchants in various industry organizations to maintain the system proposed by RBI and the government, as it has been believed that it will disrupt mobile, utilities and other over-the-top (OTT) bills and subscription charges.
RBI initially issued a framework for the deployment of AFA in 2019 for repeated transactions with a value of up to Rs. 2000. However, this rule was extended to transactions of up to a Rs. 5,000 transaction limit in December last year. Transactions above this interruption require a one-time password (OTP). RBI warned that further delays would lead to stringent supervisory measures to ensure full compliance with the framework beyond the extended deadline.