RBI Auto Debit Rules Get Thumbs Up From 83 Per Cent Consumers. Details Here

New Delhi: As many as eight in 10 consumers in India have supported Reserve Bank of India’s decision to stop auto-debit payment that takes place through several app stores, according to a survey conducted by LocalCircle. Meanwhile, around 46 per cent consumers who paid for apps in last 12 months claimed they were wrongly charged or over-charged, the survey showed.

RBI Auto Debit Rules – All You Need To Know

  • Out of the 46 per cent, 34 per cent said they were wrongly charged once or twice. Remaining 12 per cent said they were charged many times, the survey insights show.
  • The survey shows that 19 per cent of Indian consumers who paid for apps on Google Playstore, Apple Appstore and Windows store say they were invoiced or billed by an Indian entity. A larger chunk of 33 per cent has replied that it was foreign entity or company.
  • Around 23 per cent consumers, who paid for apps in the past 12 months, said they went through one-time password (OTP) authentication process, the Local Circles survey stated.
  • From October 1, 2021, RBI has laid down norms that all kinds of recurring or auto-debit payments will require customer’s consent before they are cleared. Apart from this, transactions for an amount greater than Rs 5,000 will have to go through Additional Factor of Authentication (AFA).
  • In a question, do you support the RBI mandate where app stores (Google playstore, Apple appstore or Windows store) are now required to mandatorily implemented OTP based authentication for any charges levied on users in India? Around 83 per cent respondents replied positively. While 10 per cent said ‘No’ and 7 per cent said can’t say.

Survey Methodology

LocalCircles conducted a national survey which received over 40,000 responses from consumers located in over 302 districts of India. 48 per cent respondents were from tier 1, 27 per cent from tier 2 and 25 per cent respondents were from tier 3, 4 and rural districts.

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