Banks to introduce one-time password to shop using Phone

Reserve Bank of India

Banks are gearing up to offer a another six-digit code to all belief tag holders from basic January in line with the directives of the Reserve Bank of India. The another password can be used in place of single schedule and it will be void similar to a episode specified by the concerned stack. The move is aimed to bring ultra security while using belief cards in the wake of rising complaints of belief tag mistreat.

OTP is requisite in place of all transactions associated with all Interactive Voice Response (IVR) transactions ready on phone. However, cardholders need not to wear out OTP in place of online transactions as the CVV quantity and a special password is an adequate amount in place of the online transactions. Moreover, selected transactions such as cell phone renew and direct-to-home connection would besides require OTP as specified by the concerned banks.

Public sector bank-State Bank of India offers cardholders a service to generate password either through a phone call or transport SMS. Banks will provide OTP on the registered quantity of user. HDFC Bank will, however, offer password through SMS, IVR system-based or through a call to the helpline.