Uttar Pradesh, India (PressExposure) July 28, 2009 -- The online shopping, which is one of the easiest way to get much needed things of line via Internet, is all set to get tough as the Reserve Bank of India has come up with some additional norms according to which a 16 digit card number, 3 digit CW number and card expiry date one will also have enroll his card with MSC (Mastercard Secure Code) or VBV (Verified by Visa) to use the online shopping service.
Reserve Bank of India has decided to make this addition effective from August 1, the bank has come up with the decision of making online transactions more secured in order to prevent the problems of card fraud.
An ICICI Bank credit card holder said in a statement that the banks are not taking these initiatives with a boost because his bank has not contacted him to inform about the changes.
However, the banks have said that the burden of registering themselves for availing the new password on the bank's website have to be taken by the customers only.
On the other side, e-commerce websites are also worried about the fact that this could result in the drop of their business because they earn 80% revenues through the use of credit and debit cards only.