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RBI mandates two passwords for shopping online
By siliconindia
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Tuesday, 26 October 2010, 21:41 IST
Chennai: In a new directive issued by the Reserve Bank of India (RBI), all types of shopping done online will require an additional password for the transactions to be carried out. The directive comes as an additional security measure for online transactions.
However this step from the RBI will get in the way of shoppers shopping online as the additional password requirement makes it difficult to prove the credibility when we use Indian credit or debit cards on foreign websites and vice versa.
The ruling was given by RBI in August 1, 2009. Earlier the only requirements for online shopping were the 16-digit card number and the CVV number for online shopping.
While few banks continued to allow customers to shop online on foreign portals without a second password, the RBI has now made it obligatory for "all transactions using cards issued in India, for payments on merchant site where no outflow of foreign exchange is contemplated".