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. You will need this password to continue transacting online from 1st Aug 2009.
What is the “Verified by VISA”/”MasterCard SecureCode” password?
This is the password that your credit card issuing Bank provides. This password is the additional layer of security for all your online transactions.

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.

Remember:
Keep your password safe.
Do not share your password with anyone

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Source: eBay.in