No longer the customer needs to produce credit card details or online banking password for making purchase at online retail store. It has been reported that Electronic payment and transaction processing solutions provider Euronet will now offer the customers with a digital code, through this code the customers will easily make their purchase without the need of revealing any debit or credit card details.
The customer can buy a digital code online or in the retail market across the counter and there is an SMS or the physical card which they will use while purchasing. Similar to a gift card, customers can procure a digital code for a particular denomination amount from the bank’s Web site. This code will be sent as an SMS or email. Within a period of 3- 6 days the code can be used.
This will help to reduce the online banking scams. To make this initiative a complete success Euronet is trying to tie up with more banks and online retail stores.