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A one-time password to shop using phone
Published on 28 Dec. 2010 11:15 PM IST
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Come January 1, and you will have to provide another password for credit card transactions done over phone. But unlike other passwords and PINs (personal identification numbers), the new requirement will be a one-time password (OTP), which is extinguished after a transaction or after the lapse of a specified period of time, ranging between 30 minutes for one bank and 24 hours for another.
Following a directive from RBI, issued last August, some banks are now sending out mailers to cardholders informing them about the new six-digit code that will be required from January 1, stated Times news.
Though you can do with only the CVV number and a special password for online transactions, an OTP will be required for all Interactive Voice Response (IVR) transactions that are done over phone and you are required to provide your credit card number on an automated system for making a payment. Besides, some banks have made OTP mandatory for mobile transactions such as recharging your cellphone or direct-tohome connection.
So, how do you get an OTP? Each bank has put in place its own system. Bigger players-such as SBI-have given cardholders the option to generate the new password either through a call to the helpline number or get it online or through an SMS. The OTP will be sent to your registered cellphone number. So, make sure that the registered number with the card issuer is the same as the one that you are using.
On the other hand, some of the foreign banks - such as Standard Chartered -are , however, insisting that you generate your OTP online. For that, you will need to first punch your credit card number and then put your online password, which was mandated last year onwards, and it will be displayed online.
Others like HDFC Bank are not offering web-based generation facility at present and are confining the password generation to SMS, IVR system-based or through a call to the helpline. Once you get your OTP, make sure that you punch the correct number since a wrong input will mean that you need to generate a new one to complete the transaction.

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