Good news for CCAvenue PhonePay merchants! IVRS transactions rise again!
In February 2011, the Reserve Bank of India (RBI) mandate that an additional password will be required for IVRS transactions done through the telephone came into effect. According to this mandate, in addition to entering the card number, CVV and expiry date to complete the IVR transaction, users will also have to enter an additional 6 digit numeric password known as an One Time use Password (OTP). This change in procedure caused a drop in transaction levels due to lack of awareness amongst the general masses.
The good news is that customers have gotten used to this new process and the pace of transaction growth has come back to normal. In fact, it can be safe to say that the extra layer of security has increased the publics faith in the system resulting in more customers using this medium to pay. The number of IVR transactions have begun to grow at an accelerated pace.
Another encouraging factor is that the Debit Card payment option for IVR transactions will soon be possible. The addition of this payment type will result in a very large population of those who don't own credit cards now being able to pay through the IVR mode. This can only mean more good news for you.
For your convenience, we offer you CCAvenue PhonePay, which is a customized enterprise-level IVR for FREE to all our merchants. There will be no equipment, recurring PRI Line costs, hosting, programming or any other maintenance costs.
CCAvenue, your online payment processing solution provider will allow you to collect payments from millions of mobile subscribers through CCAvenue PhonePay. According to TRAI (Telecom Regulatory Authority of India
), at the end of January 2011, there are 771.18 million mobile subscribers in India. These mobile subscribers are not confined to urban areas; they are spread across the length and breadth of India (538.38 million Urban Subscribers and 267.74 million Rural Subscribers). By signing up for CCAvenue PhonePay, you expand your reach to include customers that are not online i.e. target and capture any individual possessing a mobile.
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