Kotak Mahindra Bank Deploys enStage Accosa
EFY News Network
(Monday, November 20, 2006 1:05:45 PM)


The Internet-safe Kotak Netc@rd is now available to the bank’s customers for safe online shopping.

Monday, November 20, 2006: New Delhi: enStage, Inc., a provider of e-commerce security solutions and electronic card security products in India, has launched Kotak Netc@rd by Kotak Mahindra Bank, implementing enStage’s electronic prepaid card solutions, built using Accosa -- its enterprise-level payment platform.
Netc@rd offers security to online shoppers through a single transaction, prepaid, electronic card with a life span of 24-48 hours. The electronic card can be used at online merchants worldwide that accept Visa credit or debit cards. The single transaction nature of the card, combined with the ability to limit the value of the card to the transaction amount of the online purchase, prevents fraudulent use of the payment instrument.

Kotak Mahindra Bank is offering Netc@rd to all its customers -- for cardholders and non-cardholders alike. “We recognise the opportunities with e-commerce, but are also concerned with potential for fraud,” said K.V.S. Manian, head, retail liabilities and branch banking, Kotak Mahindra Bank. “Netc@rd allows our customers to shop online without having to give their actual card number to the merchant. Additional features, such as card limit and automatic expiry, further mitigate risk of fraudulent use,” he added.

“Online shopping is rising dramatically in India. With that comes the risk of fraud and identity theft,” says Govind Setlur, CEO, enStage. “Accosa payment and security solutions make online shopping safe since the merchant gets only a secure, transaction specific payment instrument, protecting the actual source of funds from fraudulent use,” he added.