Today I made my first Mobile transaction using OTP. OTP stands for One Time Password.
From 2011 Feb onwards I was not able to do Credit card transations using mobile due to a new rule from Reserve Bank of India. The rule says you can not do online credit card transactions without 3D secure passwords.
Its a good move from RBI. Even if you loose your Credit Card, nobody use it for online transactions without your secret password.
That's about online web transactions..what about mobile transactions...?? Mobile world does not yet support alpha numeric 3D Secure password.. only numeric passwords....
For mobile world the corresponding technology is OTP. To do any CC transaction from mobile your need to first generate a One Time Password ( OTP ). Its numeric..can be used only once...even if the transaction is failed.
To generate OTP you need to send an SMS to a designated number. Number and message format varies from bank to bank.
You will get a message with your OTP. OTP should be used with in 2 hours after generating it. After 2 hours its invalid.
Ok. Good... If your Credit Card is stolen nobody can misuse it for doing mobile transactions.Great!!
Question to RBI: What if Credit Card and Mobile is stolen...??? Isn't that possible ???
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