How India's banks killed the future of commerce
blog.cleartrip.com
How India's banks killed the future of commerce
1–10 of 60 posts
Re: How India's banks killed the future of commerce
#2It seems to me like it was the government that started the whole mess.
Re: How India's banks killed the future of commerce
#3Notice how they made the post on Feb 14, but show only data for Feb 1. Is it really surprising that the first day with the new system saw fewer transactions? Making claims that this move "permanently hobbles India's mobile commerce" based on evidence like this is surely unwarranted.
I really think 3D secure is a good move. All it requires is entering your internet banking password at the time of making the transaction. Is this really so bad for usability?
Re: How India's banks killed the future of commerce
#4Notice how they made the post on Feb 14, but show only data for Feb 1. Is it really surprising that the first day with the new system saw fewer transactions? Making claims that this move "permanently hobbles India's mobile commerce" based on evidence like this is surely unwarranted. I really think 3D secure is a good move. All it requires is entering your internet banking password at the time of making the transactio…
NO - 3D secure is not good for the customers.
the system has no safeguards for vulnerabilities like man-in-the-middle,etc. attacks. Yet it gives credit card companies, the right to deny chargebacks to customers (whose credit card was stolen/hacked) because they can now wash their hands off the matter ("hey only the customer knew the second password... he must have been careless with it, not us")
Re: How India's banks killed the future of commerce
#5I feel this is a good thing!
If you are stupid enough to fail to use and understand the new system, they you wont be able to purchase it.
And thus they will end up avoiding huge credit card debt's like poor Americans.
Also hardly anyone buys from Amazon and only pathetic people buy from apple iTunes.
Re: How India's banks killed the future of commerce
#6It seems to me like it was the government that started the whole mess.
It usually is :) but cleartrip might just be right here to blame the banks. Asking for more secure authentication is a good idea, particularly in India where on more than one occasion, I've had to stop people from writing down my credit card number for "the record".
That transaction volumes decreased on the /first/ day 3-D secure (and now, the one-time password) was implemented is hardly surprising, but I think once customers get used to it it would have returned back to normal.
Re: How India's banks killed the future of commerce
#7Notice how they made the post on Feb 14, but show only data for Feb 1. Is it really surprising that the first day with the new system saw fewer transactions? Making claims that this move "permanently hobbles India's mobile commerce" based on evidence like this is surely unwarranted. I really think 3D secure is a good move. All it requires is entering your internet banking password at the time of making the transactio…
3D secure is not very user friendly at all. Most users aren't setup with 3D secure details or have forgotten the necessary details to use it.
Perhaps it's a good idea in principle, much like OpendID, but in the real world it's a pain to use for everyone involved.
Re: How India's banks killed the future of commerce
#8Notice how they made the post on Feb 14, but show only data for Feb 1. Is it really surprising that the first day with the new system saw fewer transactions? Making claims that this move "permanently hobbles India's mobile commerce" based on evidence like this is surely unwarranted. I really think 3D secure is a good move. All it requires is entering your internet banking password at the time of making the transactio…
NO - 3D secure is not good for the customers. the system has no safeguards for vulnerabilities like man-in-the-middle,etc. attacks. Yet it gives credit card companies, the right to deny chargebacks to customers (whose credit card was stolen/hacked) because they can now wash their hands off the matter ("hey only the customer knew the second password... he must have been careless with it, not us")
> because they can now wash their hands off the matter ("hey only the customer knew the second password... he must have been careless with it, not us")
Seems pretty valid argument to me.
Re: How India's banks killed the future of commerce
#9India has a lot of public policy mishaps such as this. It seems that the people making these rules oftentimes don't do adequate research regarding what's feasible for such a large developing, and rapidly changing country.
A couple of other examples: There was recently a rule to limit SMS spam by limiting each cell phone to receive a max of 100 texts per day, there still is a rule where you can't entering the country twice within a certain number of days without getting prior permission, IIT students were arbitrarily limited in the number of hours they could spend online because some administrator thought they should get out more, etc.
Re: How India's banks killed the future of commerce
#10Notice how they made the post on Feb 14, but show only data for Feb 1. Is it really surprising that the first day with the new system saw fewer transactions? Making claims that this move "permanently hobbles India's mobile commerce" based on evidence like this is surely unwarranted. I really think 3D secure is a good move. All it requires is entering your internet banking password at the time of making the transactio…
Agreed. Usability with 3D secure is not bad at all. Breaking the "subscription" model is actually a good thing in the current scenario, where the customer has very little control on when and how he unsubscribes to services, and businesses unscrupulously charge for subscriptions beyond the agreed-on date. This happened recently, when a web hosting provider tried to charge my credit card although I'd canceled - I got an SMS from the bank saying that the charge had not been accepted - how delightful it feels to be in control!