Visa introduces CVV-free payments for tokenized cards in India

Tags: Economics/Business

Visa has launched a new feature CVV-free payments in India that allows users to make online payments without the need for a CVV number.

An Overview of the News

• This facility is applicable on tokenized credit and debit cards and is available only for domestic transactions in India.
• The card is tokenized by securing it with a unique code and transactions are completed using a two-factor authentication process that does not require the 16-digit card number or any other card details.
• The two-factor authentication process ensures that the new authentication method protects users from cyber fraud as the token cannot be used on other platforms.

About Tokenization

• It is a security process that replaces sensitive data with unique codes called tokens.
• It aims to protect sensitive data from cyber attacks and frauds.
• Tokenization is widely used in the payments industry to secure online transactions where sensitive data needs to be shared between different parties.

About Visa Inc.

• It is a multinational financial services corporation.
• The company is based in San Francisco, California.
• Visa Inc. facilitates electronic funds transfers globally through its various payment products including credit cards, debit cards and prepaid cards.
• Establishment - September 18, 1958
• Founder - Dee Hock
• Headquarters – San Francisco, California, US