Mumbai: Mastercard has introduced a new way of making online credit card payments, more convenient and secure for its debit and credit cardholders. Normally, customers must enter a three-digit number (CVC) from the back of the payment card to complete the transaction.
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Now, if the cardholder has already saved card details on a merchant’s website or app, they won’t need to enter the CVC for every purchase. After saving card details once, customers will only need to select their card, and enter a one-time password (OTP) that they receive on their phone, and the transaction will be completed without needing the CVC. This makes the payment process faster and more convenient.
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“Mastercard is committed to delivering innovative and secure payment solutions that protect 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,” said Anubhav Gupta, senior vice president of South Asia, Mastercard.
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The new system is also safer because it uses tokenization, which adds extra security measures to protect against fraud. Card details are replaced with a unique code (token) used for transactions, making it harder for hackers to steal credentials. “CVC-less payments have indeed enabled quicker completion of transactions and enhanced convenience for our customers, without compromising on the security of payments,” said Akshant Goyal, CFO, Zomato.
Some e-commerce companies like Cashfree Payments and Zomato have already started using this CVC-less payment method, and it has been found to increase security and improve the overall payment experience for customers. Mastercard is committed to providing safe and seamless payment solutions for merchants and cardholders in India.
