Recurring is something which occurs periodically or repeatedly. A few years ago when I was all new to the EMI scene, I was suggested to opt for recurring payment method, they’d say “Automatic karwa lo na.” I had no clue initially but then I finally understood what is recurring payment meaning. I think I can explain the same to you quite easily with an example.
Recurring payment definitionRecurring payment is an arrangement when you allow a merchant or a service provider to use the details of your credit card or debit card to deduct regular scheduled payments.
There are two types of recurring payments:
Regular or fixed Recurring payments: for example, monthly subscription of OTT platforms, gyms, online magazine subscriptions, loan EMIs, etc.
Variable recurring payments: for example: electricity or water bills
You can set up recurring payments by entering your card details on a merchant website or service provider platform. Give them the authorization to deduct the payments as and how directed.
Recurring payments method is particularly useful if you have a running:
Home loan EMI
Personal Loan EMI
Online subscriptions
A monthly service for online tools, etc.
The RBI has directed banks to send pre-debit intimation to the consumers so that if they want to hold the payment, they have enough time to take necessary action.
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Authors Of The Question
What is Recurring Payment?
Soham
354Views
2 Year
2022-01-27T11:31:40+00:00 2022-01-27T12:53:26+00:00Comment
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