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I really like how they implemented this in India. Due to recent central bank changes, all recurring subscriptions need customer notification before the card is

I really like how they implemented this in India. Due to recent central bank changes, all recurring subscriptions need customer notification before the card is charged. So before a recurring charge occurs (1 day before), they send a sms with a link to cancel that charge if required. Also now most credit cards are providing a single place to manage all subscriptions. So you can approve requests for recurring authorisation (first time) and also delete an existing recurring charge with a single click. Not to mention to be able to see who all are charging or going to charge you recurring in the first place.

pyb 4y ago
The EU should adopt this.
- imtringued 4y ago
  The EU already has this but for some insane reason there are no electronic SEPA mandates only paper ones, also you must request the cancellation of the SEPA mandate from the merchant.
- CydeWeys 4y ago
  The US too! This sounds great. Even better would be a recurring subscriptions management panel provided by the credit card issuer. Then you could cancel from there, and the service provider would be notified.
rajup 4y ago
This is a fantastic idea! Wish it were here in the US. In some areas like fintech/banking it appears "developing" economies like India are light years ahead of us.
- toast0 4y ago
  There are benefits to being late to market. The US also has close to 5000 banks and nearly as many credit unions, whereas most 'developing' economies have only a handful. Banks have to follow state and federal rules (sometimes both, sometimes only one or the other, depending on the rules and the corporate details). Centralization into only a few firms and maybe a single regulator makes it easier to have consistent features and requirements.
davchana 4y ago
To add, the retailers are not allowed to store any card details, like number, dates etc now. They are required to send all these to bank first time, and they get a token only. Next time of a recurring transaction, they simply send this token to bank to charge money. Customer can see these tokens anytime, along with merchant details, and customer can revoke these tokens anytime.

pyb 4y ago

The EU should adopt this.

imtringued 4y ago
The EU already has this but for some insane reason there are no electronic SEPA mandates only paper ones, also you must request the cancellation of the SEPA mandate from the merchant.
CydeWeys 4y ago
The US too! This sounds great. Even better would be a recurring subscriptions management panel provided by the credit card issuer. Then you could cancel from there, and the service provider would be notified.

rajup 4y ago

This is a fantastic idea! Wish it were here in the US. In some areas like fintech/banking it appears "developing" economies like India are light years ahead of us.

toast0 4y ago
There are benefits to being late to market. The US also has close to 5000 banks and nearly as many credit unions, whereas most 'developing' economies have only a handful. Banks have to follow state and federal rules (sometimes both, sometimes only one or the other, depending on the rules and the corporate details). Centralization into only a few firms and maybe a single regulator makes it easier to have consistent features and requirements.

davchana 4y ago

To add, the retailers are not allowed to store any card details, like number, dates etc now. They are required to send all these to bank first time, and they get a token only. Next time of a recurring transaction, they simply send this token to bank to charge money. Customer can see these tokens anytime, along with merchant details, and customer can revoke these tokens anytime.