E-commerce industry in India is looking forward to a
new RBI guideline which allows users to purchase without the two-step
verification for online transactions below Rs 3,000.
Currently, users are required to give a one-time
password (OTP) or use the 3D secure system before making any purchases online.
The central bank is expected to come out with fresh guidelines on
online-related transactions soon.
Reserve Bank of India is also looking at making
EMV-enabled credit/debit cards mandatory for online transactions. EMV, or
Europay MasterCard and Visa, chip technology is more secure and safer than the
magnetic strip. This has already been rolled out by the banks for offline
transactions.
The fresh guidelines are likely to boost e-commerce-related transactions by 15-20 per cent as more people would find it convenient to use their cards online. At present, about 10-15 per cent of the online transactions fail due to wrong or no password.
The fresh guidelines are likely to boost e-commerce-related transactions by 15-20 per cent as more people would find it convenient to use their cards online. At present, about 10-15 per cent of the online transactions fail due to wrong or no password.
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