One-Time Password (OTP) for ALL IVR/Phone Based Credit Card Transaction in India

Since Jan 1, 2011 every one has to provide another password for credit card transactions done over phone. 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.

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.

Different bank have various ways for providing OTP as like SBI, Standard Charted, HSBC card holder can generate it through online.

 

By TOI

Still you have had any confusion CHECK FAQ Related to OTP here