Visa introduces CVV-free payments for tokenized cards in India
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.
- 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
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