Finally, I got my credit card registered with the secure payments program. Thanks to the banks slowest vacuum tube diode powered computers that the whole process took about 4 days to complete. After getting my card registered; I thought life got easier; but I’m wrong. Now the more secure credit card means you must generate new credit card number for every online transaction! Let me explain.
After registering my credit card; I was provided with a new online account for my credit card. Now, as the bank says, it’s one time registration of your card. Meaning, only bank will now get access to my actual credit card details. If I wish to make an online purchase; I will have to login to my new online account, enter the target amount and hit a button to generate a new card number for the transaction. I will have to then enter this newly generated credit card number for my online transactions. The card will be short lived (23-46 hours max.).
At present, I’m not sure if I can still use my actual credit card number for recurring payments [I do lot of them every month; and I don’t wish to generate a new card number every time I do money transaction online].
The new system is going to be more painful where the last 4 digits of the credit card are asked for verification. Now, with the new system, you’ll never remember the last 4 digits (unless you note them for every transaction!).
What’s your take on the new security measure enforced by the RBI?
–The Big K–