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Friday, July 24, 2009

You have to get your card registered to shop online

Are you planning to shop online in the near future? Or is there any other online transaction, involving the use of plastic money, high on your agenda? If yes, better get registered with your bank, otherwise you won’t be able to use your credit or debit card online just after a week’s time. For, the RBI has made it mandatory for all online transactions to have an ‘extra’ level of authentication from August 1, 2009 onwards. And some banks have already started complying with this mandate.

Although lots of E-commerce players are concerned about losing their business in the short run, as they believe that many shoppers, who are still not aware about the RBI mandate, may simply ditch the buying decision at the checkout process, bankers view this as one more step towards moving closer towards a fraud-proof world of online transactions.

“This is just to add an additional layer of security for online transactions. This requires that a password in addition to information available on the credit card itself be given to ensure that it is the card holder himself who is authorizing the payment,” says Harsh Roongta, CEO, ApnaPaisa Pvt Ltd, adding, “typically even as you are shopping, the payment gateway will allow you to verify your credit card under the ‘Verified by Visa’ or ‘Verified by Mastercard’ programme by providing details that are not stored on the credit card.”

Thus, anyone shopping online from August 1 onwards will be required to first register one’s existing card for this service. One can do this either by visiting the website of one’s respective bank or by choosing to accept the registration process on the merchant websites. In case of the former, a customer can create a password and a shared secret instantly. However, for getting registered while shopping online, you need to select the goods or services you want from a Verified by Visa/Master Card Secure Code online store and proceed to the payment page. There you will have to enter your card number and the online store will connect with your bank to check whether your card is enrolled for this service.

Source: ET

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