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Amazon Prime Video has gained a lot of popularity because of its monthly prime subscription feature, which costs as low as Rs 129 per month. However, according to a report by Gadgets360, due to the new RBI guidelines, Amazon has discontinued the monthly subscription feature for Prime.

However, the existing users can still enjoy its services by renewing three months or annual subscription. The notice issued by the OTT platform read, “Please note that effective 1 April 2021, owing to a Reserve Bank of India mandate, your bank may not be able to process any new requests for automated payments on your credit/debit cards. Therefore, effective 27 April 2021, we have temporarily discontinued: (i) new member sign-ups for Amazon Prime Free Trial and (ii) new member sign-ups for Monthly Prime Membership until further notice. You can continue enjoying Prime membership benefits by renewing/signing up for the Three Month or Annual Prime Membership here. Effective 27 April 2021, the update under this notice will supersede any conflicting positions in the Prime T&Cs below.”

What are the new RBI guidelines?

To provide extra safety and security to the users while making card payments, the Reserve Bank of India launched a framework regarding this in August 2019. Since its deadline is nearing, which is September 2021, the OTT platform has temporarily discontinued some services.

RBI’s circular read that recurring transactions based on standing instructions given to the merchants by the cardholders were brought within the ambit of AFA (Additional Factor of Authentication).

This circular is applicable for transactions performed using all types of cards – debit, credit and Prepaid Payment Instruments (PPIs), including wallets and the maximum permissible limit for a transaction under this arrangement, shall be Rs 2,000.

“The RBI has been receiving requests from industry stakeholders to allow processing of e-mandate on cards for recurring transactions with AFA during e-mandate registration and first transaction, and simple/automatic subsequent successive transactions. Keeping in view the changing payment needs and the requirement to balance the safety and security of card transactions with customer convenience, it has been decided to permit processing of e-mandate on cards for recurring transactions (merchant payments) with AFA during e-mandate registration, modification and revocation,” the circular stated.

What should users do now?

Now, since the prime membership is not available for Rs 129 per month, new users or the existing users will have to move to quarterly or yearly subscription which can cost up to Rs 329 and Rs 999, respectively. In case if you do not want to continue, here’s how you can cancel your membership:

– Log in with your credentials at amazon.in and click on the three lines at the top left side of the screen

– Go to Your Account>Prime

– Click on ‘Manage Membership’ and select ‘End Membership’

– Click on the ‘Cancel’ button next and your membership will end

If you are using the Amazon Prime app, the process to cancel the membership remains the same.