Citi, Mastercard Launch Dynamic CVC Virtual Cards in Hong Kong

Virtual credit cards allow consumers to shop online without repeatedly exposing the credentials printed on a physical card. Citi Hong Kong and Mastercard are adding Dynamic CVC, which replaces a static card security code with a single-use credential for each online transaction. The feature is designed to reduce the value of stolen card data and strengthen protection as e-commerce and mobile payments become a larger part of everyday spending.

Citi Hong Kong recently introduced the Dynamic CVC-enabled virtual card service using Mastercard’s tokenization technology. Customers can access the virtual card through Citi’s mobile app for online purchases and mobile payments, while keeping their physical card details out of the transaction flow. The companies did not disclose a financial value for the initiative or provide a specific launch date in the information available.