While Shopping online the main concern of the online buyer is the security of the credit/debit card details being shared online. In order to make the online transactions more safe and secure Euronet, an e-payment services provider, will now provide bank customers a digital code, which will enable them to make online purchases without disclosing their card details or logging on to net banking.Just as you receive a code via SMS or email on mobile top-ups and DTH recharges to execute the transaction a code will be sent as an SMS or e-mail to the beneficiary.
Euronet is a global provider of electronic payment and transaction processing solutions for financial institutions, retailers, service providers and individual consumers through three primary business segments — Electronic Financial Transactions, Prepaid and Money Transfer.
Himanshu Pujara, MD, Euronet Services India said “The customer can buy a digital code online or in the retail market across the counter, and the SMS or the physical card acts as a store of value which is then activated at the merchant bill,”
I think it is a very good option for the online retailers and buyers and as the online market in India and worldwide is increasing in volume a direct increase in such transactions also is a possibility.
As per an article in Business Line Pujara added “Since India is growing, indicators suggest we are ready for this, but volumes need to be seen. Also, competition is huge. So we are trying to work on the differentiation, margins, integration with e-commerce firms and attempting to tie up with local brands too”.