Himanshu says "My Mastercard has stopped working on almost all the International sites. I contacted Paypal and they told me that the problem lies with my bank and I should sort the problem out at my end. All my international transactions are stuck. I can not even purchase a renewal license for my Anti Virus. The whole thing sucks.
If RBI had to make it mandatory, they should have first made sure that this system works with international sites and then Enforce it. Trust me, almost no international site accepts this system. And it feels like I am living on an Island. No Global Citizen anymore but an Islander."
Robert Frost says "This is a dead technology, how can RBI include this without doing proper research. None of our cards will ever work on international sites like paypal and amazon."
The Reserve Bank of India (RBI) has mandated that from 1st Aug 2009 all online credit card transactions require an extra level of verification. Your credit card issuing banks are therefore, implementing a "Verified by VISA" or "MasterCard SecureCode" password.
You will need this password to continue transacting online from 1st Aug 2009.
What is the "Verified by VISA"/"MasterCard SecureCode" password?
This is the password that your credit card issuing Bank provides. For example - ICICI Bank, HDFC Bank, Citibank, HSBC Bank, Axis Bank, SBI etc. This password is the additional layer of security for all your online transactions.
Register for your "Verified by VISA" or "MasterCard SecureCode" password with your credit card issuing bank before 1st Aug 2009
How it works?
Benefits of "Verified by VISA"/"MasterCard SecureCode" password
Even if you lose / misplace your credit card it cannot be misused online as the password is not present on the card.