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Extra security measure in payment gateway may curb e-commerce growth



By Staff Reporter
01 August 2009 @ 10:28 pm IST


online purchase
The directive issued by India's apex bank to commercial banks for checking incidents of online frauds will put a brake in the growth of e-commerce in the country, industry observers said.
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However, bankers have hailed RBI's move to make the additional authentication mandatory for cardholders for online purchases.

"This will definitely help in preventing many cash frauds while using credit or debit cards for online purchases. Enhancing the security level is much needed in the face of rising usage of cards for online transactions," Sushil Muhnot, executive director, IDBI Bank, said.

According to a RBI official, the value of credit card transactions increased from Rs.41,361 crore in 2006-07 to Rs.57,958 crore in 2007-08, representing a surge of over 40 percent.

During the same period, the debit card transactions surged by over 50 percent to Rs.12,521 crore from Rs.8172 crore.

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