Question
________has launched CVC (Credit verification
code)-less online transactions for its debit and credit cardholders who have tokenized their cards on merchant platforms.Solution
Payment network Mastercard has launched CVC (Credit verification code)-less online transactions for its debit and credit cardholders who have tokenised their cards on merchant platforms. CVC is the three-digit number printed on the back of debit and credit cards. According to the Reserve Bank of India (RBI)’s guidelines, merchants will collect CVC only once while tokenizing the card. From the second transaction onwards, cardholders will be required to select their tokenized card from the checkout page, confirm the one-time password and complete the transaction without entering the CVC.
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