Mastercard has introduced Cardholder Verification Code (CVC)-less online transactions for its debit and credit cardholders in India who have tokenized their cards on merchant platforms.
The company said the move aims to reduce checkout time whilst making virtual transactions easier and more secure.
According to guidelines issued by the Reserve Bank of India, merchants will only collect the CVC once during the tokenization of the card. From the second transaction onwards, cardholders will be required to select their tokenized card from the checkout page and confirm the one-time password (OTP).
Several e-commerce companies in the country including Cashfree Payments and Zomato have already adopted CVC-less payments.
Mastercard claims that by avoiding the need for CVC, merchants will benefit from higher authorisation rates and reduced checkout abandonment.
The company added that the payments are secure as when payments made using an OTP ensure that only authorised users can complete transactions.
Anubhav Gupta, senior vice president, South Asia, Mastercard, said: “Mastercard is committed to delivering innovative and secure payment solutions that protect both merchants and consumers. Besides enhanced data security, CVC-less payments on tokenized cards come with benefits that make the online domestic card payment experience smoother and safer.”
Latest News
-
HSBC launches payments management tool for businesses planning international growth
-
NatWest launches advent calendar to highlight festive purchase scam risks
-
Starling Bank poaches Adeel Hyder from TSB
-
HSBC sustainability chief quits amid strategic shifts
-
MPs publish damning report calling FCA 'incompetent' and 'dishonest'
-
BNY introduces new buy-side platform
The human firewall: Activating employees to safeguard financial data
As financial services increasingly embrace SaaS and cloud-based technologies, they face emerging threats to safeguard sensitive customer data. While comprehensive IT security measures are essential, the active involvement of employees across organisations is pivotal in ensuring the protection of sensitive data.
Building a secure financial future for instant payments: The convergence of ISO 20022 and fraud detection
The financial landscape is rapidly evolving its approach to real-time transactions under the ISO 20022 standard, and financial institutions must take note. With examples such as the accelerated adoption of SEPA Instant Credit Transfers in Europe and proposed New Payment Architecture (NPA) programme in the UK, the need for swift and effective fraud detection is more crucial than ever.
Data Streaming and Consumer Duty: Transforming customer experience in banking
Introduced at the end of July, the Consumer Duty is a game-changing new set of rules and guidance for financial services institutions in the UK, and companies must look to modernise their systems in adherence with it in mind to create the best customer experience possible.
From insight to action: Empowering financial institutions through advanced technology and collaborative information sharing
The use of Information sharing in enhancing financial crime prevention has been universally agreed as being beneficial. However no-one has been able to agree on how information can be shared safely without breaching data protection laws or having the right systems to facilitate this, Information sharing has re-emerged as a major consideration for financial institutions (FIs) ahead of the Economic Crime and Corporate Transparency Bill being made into law in the UK.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories