Comment by Borealid

This is actually how it works in India with "e-mandates".

In order to set up a recurring bill the merchant must get a "mandate" from the customer, which involves them approving the amount/frequency/term of the payment. The customer can at any time view a list of open mandates on their bank's web site/app and cancel any they wish. Recurring payments only succeed when the mandate remains valid.

The payment amount may be revised downward without getting a new mandate, but raising it up requires replacing the old mandate with a new one.

In order to make a non-initial charge the merchant must pre-authorize it with the bank a few days prior (handing the ID of mandate under which the charge is made to the bank), and pass the confirmation they get back from the bank when they do the real charge. The bank notifies the customer about the upcoming renewal and its amount.

IMO this is exactly how it should work.