Get Ready To Embrace The New “Security” In Indian eCommerce
Earlier in July, WATblog had written about the new RBI regulations that shall mandate every usage of credit cards online inside India to go through an extra layer of security. Credit card users will now have to register with the bank that has issued the credit card to you for a PIN. Called the ‘Verified by Visa‘ and ‘Mastercard Securecode‘, this code has to be entered everytime you make use of your credit card online.
While this shall help in making your credit cards highly secure, this shall also be a huge deterrent in improving the state of ecommerce in India. Indian eCommerce, is highly concentrated around ticket booking, and according to Mr.Sanjay Aggarwal, GM IRCTC, train ticket bookings on IRCTC makes up for more than one thirds of Indian eCommerce. Not a pretty sight indeed, and it will take a lot more of education from the side of RBI to educate the public on how to move to the new secure transaction process smooth. All along, the onus had purely been on the vendors side to educate and push their visitors to register with their banks for secure code.
If you have not registered with your banks as yet, find them here:
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