Last Updated on 19/05/2021 by Khushi
Amazon has temporarily discontinued new member sign-ups for Amazon Prime free trials as well.
People who are planning on getting a prime subscription of one month can no longer get that. Amazon will no longer provide monthly prime membership in India.
The Seattle-based tech giant Amazon has discontinued its subscription following a new RBI guideline that asks Banks and financial institutions to implement an additional factor of authentication for processing online transactions. Now Amazon will only offer Annual prime membership. The subscription price is Rs.329 and the yearly Membership price is Rs. 999.
The deadline for implementation of this new mandate has been set for September 30.
The deadline was further delayed to “prevent any inconvenience to the customers. For the sake of its users, Amazon has also updated its support page, to reflect the removal of monthly membership of Amazon Prime. The new guidelines implemented by RBI were announced back in August 2019. It is also being said that the change is merely temporary. Currently, the new subscribers can only opt for an annual or three-month subscription.
Merchants through various Industry bodies suggested RBI and the government take a pause on the proposal as it was believed that it will disturb the auto-payment of mobile, utility, and other bills and subscription charges of over the top (OTT) platforms.
In the beginning, RBI issued the framework to deploy AFA for the ongoing transactions worth Rs.2000 in 2019. However, that rule was extended last year in December to transactions up to Rs.500 per transaction.
RBI also warned that any further delay in ensuring complete adherence to the framework beyond the extended deadline would definitely call up for supervisory action.
