August 1, 2009 – Your Online Transactions will be more secure

  

August 1, 2009 – Your Online Transactions will be more secure

August 1, 2009-The day when the RBI’s Notification regarding an additional level of authentication using information that is not visible on the card, for online credit and debit cards, has to be implemented.

Link to my earlier Post on this Notification is accessible at

http://prashantnepayments.blogspot.com/2009/02/revolutionary-security-features-credit.html

            However, in the last couple of week, articles have started to appear in the media, that the banking industry and card consumers are not yet ready for this feature. And, they are suggesting that Reserve Bank of India, defer the implementation date(01 Aug 2009).

            In my view, the Notification was issued in Feb2009, and 6 months is sufficient time, for the consumers to be made aware of the new rule.

This Notification must have been issued by RBI, after discussions with the stake-holders, and with an view to protect the interests of the customers, service providers.

            It is to be seen, if RBI’s defers the date or prefers the new rule to come into effect.

Let the new rule come into Effect