For the convenience and security of debit and credit cardholders, Mastercard has created a new method of processing credit card payments online. Customers need to enter the three-digit CVV code located on the back of their credit card to complete a transaction.
Now, the cardholder won’t have to enter the CVV for each purchase if they have already saved their card information on a merchant’s website or mobile application. Customers will only need to choose their card once and enter a one-time password (OTP) that they receive on their phone after saving card information once before a transaction can be completed without the need for the CVV. This accelerates and improves the payment procedure.
Anubhav Gupta, senior vice president of South Asia, Mastercard said – “Mastercard is committed to delivering innovative and secure payment solutions that protect merchants and consumers. Besides enhanced data security, CVV-less payments on tokenized cards come with benefits that make the online domestic card payment experience smoother and safer,”
The introduction of tokenization, which adds additional security measures to protect against fraud, makes the new system safer as well. It is more difficult for hackers to gain credentials when card information is substituted with a special code (token) used for transactions.
Akshant Goyal, CFO, Zomato added that “CVV-less payments have indeed enabled quicker completion of transactions and enhanced convenience for our customers, without compromising on the security of payments,”
This CVV-less payment technique is already being used by some e-commerce businesses, including Cashfree Payments and Zomato, and it has been found to increase security and enhance the entire customer payment experience. Mastercard is dedicated to providing secure and convenient payment options to Indian retailers and customers.