Quoting an ebay mailer
The Reserve Bank of India (RBI) has mandated that from 1st Aug 2009 all online credit card transactions require an extra level of verification. Your credit card issuing banks are therefore, implementing a “Verified by VISA” or “MasterCard SecureCode” password.
What is the “Verified by VISA”/”MasterCard SecureCode” password?
This is the password that your credit card issuing Bank provides. For example – ICICI Bank, HDFC Bank, Citibank, HSBC Bank, Axis Bank, SBI etc. This password is the additional layer of security for all your online transactions.
Register for your
“Verified by VISA” or “MasterCard SecureCode” password with your credit card issuing bank before 1st Aug 2009
How it works?
Benefits of “Verified by VISA”/”MasterCard SecureCode” password
Even if you lose / misplace your credit card it cannot be misused online as the password is not present on the card.
Keep your password safe.
Do not share your password with anyone