RBI Guidelines for Online Credit Card payment processing
Dear Friends,
From 1st of August 2009 all your online transactions will be done with a extra level of safety and security as per the new guidelines issued by Reserve Bank of India (RBI) in which all online payments are required to go through an extra level of authentication.
As per the guidelines issued, when you will make an online transaction with your credit card, you will need to enter a password as an extra level of authentication after entering your credit /debit card details. This all new technology for safe online transactions is called VBV - Verified by Visa or MSC -MasterCard Secure Code.
Why this new process?
To make the online payment process by free from credit card scams. This new process is an extra layer of security in case if your credit card details are hacked still it can not be misused due to this new additional safety feature.
How to get the 'Extra Password'?
Log on to your bank's website
Register your card for Verified by Visa (or MasterCard Secure Code)
Get your password
(Different banks have different kinds of processes for registration so contact your bank)
How to make online payments?
Choose online payment transaction.
Enter your credit card details on the payment page
You will be redirected to your bank's website
Enter your VBV/MSC password
You will be redirected to the Merchant Site for completing the entire payment process
What is the process for American Express Cards?
The above process is different for American Express Card holders. For AMEX Cards, you will be asked to enter your billing address on the payment page, which will be passed on to the bank. The billing address is the one that you provide while registering the Card. This technology is called AVS - Address Verification System. When you provide the address the bank will verify the billing address against the address that the bank has in its records. So bee careful while giving your billing address as your payment will be rejected if the billing address doesn’t match.
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| Author: Nilesh Panchal 27 Jul 2009 | Member Level: Platinum Points : 1 |
Hi All,
I forgot to mention one point here is that do not click on e-mail links for registration of Verified by Visa or MasterCard SecureCode.
Register only via your Bank original website or while shopping online.
Please take care and Happy Shopping
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| Author: OREJIN 16 Oct 2009 | Member Level: Gold Points : 2 |
hi,nice article.be careful when doing online transactions.most of the websites which enables payment processing starts with https:// instead of http:// ,and look for the verified by visa always...some banks has virtual credit/debit card faciltity where you can block an amount(say-2000) and use that virtual card.
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