Home BusinessMastercard Introduces CVC-Less Payments for These Cards; How to Use it Mastercard’s new feature of CVC-less online transactions is a positive addition to the payment system in India. The Reserve Bank of India (RBI) has made it mandatory for merchants who adopt tokenized payments to collect the CVC only once, during the tokenization process. Mastercard has launched a feature that allows its debit and credit cardholders in India to make online transactions without entering their Cardholder Verification Code (CVC). This new feature aims to make digital payments more secure and convenient, as it eliminates the need to share the commonly targeted CVC information with fraudsters. To use this feature, customers must have tokenized their cards on merchant platforms. Tokenization is a process that replaces the physical card number with a unique digital identifier, making it harder for fraudsters to steal and use. Anubhav Gupta, senior vice president, South Asia at Mastercard, stated that the company is dedicated to providing innovative and secure payment solutions that protect both merchants and consumers. CVC-less online transactions on tokenized cards not only offer enhanced data security but also provide a smoother and safer online shopping experience for customers. The Card Verification Code (CVC) is the three-digit number on the back of debit and credit cards. The RBI has mandated that merchants who adopt tokenized payments only need to collect the CVC once during the tokenization process. After the first transaction, cardholders can select their tokenized card, confirm the one-time password (OTP), and complete the transaction without entering the CVC. According to Mastercard, several e-commerce players have already implemented CVC-less payments. This feature offers benefits such as higher authorization rates, reduced checkout abandonment, and an improved customer payment experience. To tokenize your credit card, follow these steps: enter your card details on the merchant platform, choose to save your card details for future transactions, and enter the OTP sent to your mobile phone to finalize the tokenization process. Tokenization provides benefits such as token expiry to prevent fraud, dynamic cryptogram for data encryption, and authentication of user identity through OTP or additional factor authentication (AFA) to ensure that only authorized users can complete transactions. Don’t miss out on the latest updates by subscribing to our newsletter today!
How to Use Mastercard’s CVC-Less Payment Option for THESE Cards
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