07-22-2009, 10:51 PM
Another password, with love
Are you scared to carry out transactions online? Your online woes may lessen August 1 onwards as using your credit or debit card will get slightly more complex to use, or misuse!
Come August 1, any transaction that you make online using your credit or debit card will need you to type out a password to carry out the operation. Also, if your transaction exceeds Rs. 5000, then the bank will be obligated to send you a text message about the same.
In order to carry out an online transaction, a user is currently required to enter his name, card number, card expiry date and card verification value (CVV), the three digits printed on the signature strip on the back of the card.
Just in February this year, the Reserve Bank of India (RBI) issued a notification to all banks in India, making it mandatory for them to develop a system wherein additional authentication/validation is offered to an online banking
customer through a password input, followed by intimation for transactions exceeding Rs. 5000.
Companies that involve online transaction and even banks have started intimating their customers about registering their credit/debit cards with their banks.
However, certain members involved with e-commerce believe that the delayed or no intimation of this development to the customers of banks will lead to fewer transactions taking place August 1 onwards.
Here's an example of a harsh newsletter from MakeMyTrip.com send the message across:
Are you scared to carry out transactions online? Your online woes may lessen August 1 onwards as using your credit or debit card will get slightly more complex to use, or misuse!
Come August 1, any transaction that you make online using your credit or debit card will need you to type out a password to carry out the operation. Also, if your transaction exceeds Rs. 5000, then the bank will be obligated to send you a text message about the same.
In order to carry out an online transaction, a user is currently required to enter his name, card number, card expiry date and card verification value (CVV), the three digits printed on the signature strip on the back of the card.
Just in February this year, the Reserve Bank of India (RBI) issued a notification to all banks in India, making it mandatory for them to develop a system wherein additional authentication/validation is offered to an online banking
customer through a password input, followed by intimation for transactions exceeding Rs. 5000.
Companies that involve online transaction and even banks have started intimating their customers about registering their credit/debit cards with their banks.
However, certain members involved with e-commerce believe that the delayed or no intimation of this development to the customers of banks will lead to fewer transactions taking place August 1 onwards.
Here's an example of a harsh newsletter from MakeMyTrip.com send the message across:
