India’s banking regulator has extended to Feb. 1 the deadline it had set for banks in the country to add a second layer of security to credit card transactions conducted over mobile phones.
The Reserve Bank of India had announced on Dec. 24 that all credit cardholders in India starting Jan. 1 must enter a passcode whenever they make a transaction by phone, including those using automated interactive voice-response systems (
However, the central bank says it decided to extend the deadline after banks said they were unable to incorporate the process with such a short notice.
After Feb. 1, banks in India must decline any transactions initiated by phone if the customer does not have and use a one-time passcode. Cardholders will have to register for the service with their bank, which will send requested passcodes only to the customer’s registered mobile-phone number and e-mail address.
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