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Press Room |
March
15, 2003 * CCAvenue begins implementation of
Verified By Visa and MasterCard Secure Code
Authentication protocols.
March 15, 2003. CCAvenue has
announced that he has began implementation of
Verified By Visa and MasterCard Secure Code
Authentication protocols. With the implementation
of the above-mentioned MPI Plug-ins on our servers,
CCAvenue expect to completely eliminate online
fraudulent transactions of MasterCard and Visa
credit cards processed through its systems.
After successful implementation, the cardholders
will not be allowed to deny that he or she has
not done or authorized the transactions and
the liability of such transactions will shift
from our merchants to the cardholders. CCAvenue
is amongst the first companies in South Asia,
who are actively integrating these protocols.
This protocols are seen to be a landmark in
the history of online commerce as it will herald
the start of a new era which will see more merchants
opting for the internet as a sales channel and
re-assure credit card holders that their credit
cards cannot be misused.
 Visa
and MasterCard Card-holders, will have to follow
the following procedure, if they want to use
their cards online:-
They first have to go to the site of the bank
or financial institution, which has issued them
their Visa or MasterCard. On that site, they
have to type in their Visa or MasterCard card
number and a password of their own making. This
simple process takes the passwords that only
they know of and attaches it to their card number.
Next, when they visit any CCAvenue
authorised merchants online site, type in their
Credit Card numbers on CCAvenue payment gateway
service providers' sites, they will be prompted
for their chosen password.
This ensures that nobody else can use his or
her card numbers. After entering their correct
password and the transaction is successfully
authorized, then they cannot later deny that
they have not authorized the transaction. For
such password authenticated successful transactions,
the liability will shift from the merchants
to the cardholders, even if somebody else has
fraudulently used their passwords and card numbers.
Kindly visit (www.verifiedbyvisa.com),
for more and complete details. CCAvenue is confident
that its implementation of Verified By Visa
and MasterCard SecureCode protocols, it will
increase the profitability of its merchants,
increase overall volumes and convince more Visa
and MasterCard credit card holders to shop online,
in a risk free environment. CCAvenue will
shortly announce the date, as to when the liability
shift will happen from the merchants to the
cardholders.
About Visa International
Visa is the world's leading payment brand with
more than one billion cards in circulation worldwide.
Visa-branded cards are used to purchase over
US$2.3 trillion worth of goods and services
every year and are accepted at more than 29
million merchant locations and over 800,000
ATMs. Visa is the market leader in Internet
payment and electronic commerce and is pioneering
the creation of u-commerce, or universal commerce,
the ability to conduct commerce anywhere, anytime
and any way. Visa's processing network, known
as VisaNet Systems, is the largest and most
sophisticated consumer financial transaction
processing system in the world, processing up
to 4,200 transactions a second in peak periods.
In 2001, VisaNet processed over 25 billion transactions.
In Asia Pacific, Visa has a greater market share
than all other payment card brands combined
with 59 percent of all card purchases at the
point of sale being made using Visa cards. There
are currently more than 365 million Visa cards
in the region. During the year ended 30 June
2002, US$574 billion was spent in Asia Pacific
using Visa cards, an increase of 42 percent
over the previous year. Visa Asia Pacific's
Internet address is www.visa-asia.com.
About Avenues
Avenues is a profitable, debt-free company and currently services thousands of eMerchants worldwide through its solutions www.CCAvenue.com, www.ResAvenue.com, www.EventAvenue.com, www.MembersAvenue.com, www.TrustAvenue.com, www.BpoAvenue.com. It is the largest integrated eCommerce solutions provider in South Asia. Avenues has shown revenue growth and profit growth consistently, year on year. Avenues is incorporated in India, and has offices in Singapore, Hong Kong, and USA. The Avenues support and development center is based in Mumbai, India. The total strength of the Avenues team is currently 120 personnel, spanning across all disciplines. For more information, log onto: www.Avenues.info
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