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Who announced the introduction of CVV-free online transactions for domestic tokenised credentials in India on 5th May 2023?
A)
Mastercard
B)
Capital One
C)
Visa
D)
American Express

Correct Answer :   Visa


Digital payment solution provider Visa on May 5, 2023 announced the introduction of CVV-free online transactions for domestic tokenised credentials in India. The move is in accordance with Reserve Bank of India’s (RBI) guidelines on tokenisation, Visa said in a press release.

Tokenisation is a process that replaces a card’s 16-digit number with a unique alternate card number or ‘Token’, which can be used for online transactions, mobile point-of-sale (POS) transactions, or in-app transactions.

* With online transactions increasing in frequency, many individuals have been saving their payment information on merchant sites.

* This led payment partners getting access to sensitive financial information that should otherwise be highly personal.

* To secure this data of customers, and to protect against data breach at merchants and banks’ end, RBI has prohibited merchants from storing debit and credit card details on their servers after June 30, 2022...

Source : Outlookindia

Published On : May 6, 2023
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