Merchants hit by revision in payment norms form an alliance

Hit by a revision in payment norms by the RBI, online merchants like Netflix, Facebook and Future Generali on Tuesday announced the formation of a grouping to take up common causes.

The changes on e-mandates effected by the RBI from October 1 are intended to make the ecosystem more robust but with only six banks complying with the revised norms, the preparedness of the banking sector is questionable and there is bound to be value erosion in the merchant-customer relationships as the latter face inconveniences, as per an official statement from the body.

The Merchant Payments Alliance of India (MPAI), which also has other members including Disney+Hotstar, Bookmyshow, Microsoft, Spotify,