Author - Admin | Date - 07/03/2023 | Reading Time - 05 Min
Your credit card activities are secured by an OTP. It is a driving force behind the rise in credit card utilization.
Online purchases and money transfers are commonplace today. The ease of conducting business from home is, however, frequently followed by apprehension about the security of online transactions.
Understanding how transactions operate helps to eliminate ambiguity and makes transactions less stressful.
On that point, let's examine the method used for online card transactions and the function that OTPs (One-time Passwords) play in completing them.
It is ideal to understand how they function because we are in the era of online transactions and money transfers. Find out how OTPs safeguard and secure your credit card transactions and credit card generator also works same as this.
How do online credit card transactions work?
Knowing how a credit card transaction works helps you understand the importance of an OTP in a credit card transaction. Only after learning this process can a first-time credit card user understand the importance of the additional layer of security provided by OTPs.
There are four components in a credit card transaction – the customer, the merchant, the merchant's bank, and the credit card issuer. Here is the step-by-step delineation of how online credit card transactions are carried out, including the role of the various parties involved:
1. The credit card owner keys in their card number
In the first step, the credit card owner enters their card number to make a payment. The first step also includes other modes of providing credit card details, such as swiping/tapping/or inserting the credit card into a machine.
2. The card's information is sent to the merchant's bank for approval
The merchant's bank receives the card's information for approval and sends this information to the appropriate card network, like Visa, Mastercard, etc., for authorization.
3. The card network contacts the card owner's bank
In the third step, the concerned card network contacts the card owner's bank and routes the credit card information.
4. The card owner's bank conducts a verification
In the fourth step, the card owner's bank verifies the authenticity of the credit card's number and CVV (Card Verification Value) and checks the remaining credit on the card to cover the expense.
5. The card owner's bank responds to the merchant's bank
Once the authenticity of all credit card details is checked, the card owner's bank relays this information to the merchant's bank.
6. The card owner receives an approval notification
In the last step, the card owner receives a notification confirming the transaction's success. The merchant's POS (point of sale) machine receives a similar message in the final step.
What is an OTP?
A One-time Password is a numeral code sent to your phone while carrying out an online card transaction. It helps a bank verify a credit card transaction. OTPs are now used to verify debit card transactions and act as resilient layers of security for online transactions.
How are OTPs used in credit card transactions?
OTPs are generally four to six-digit long numerals that constitute an additional layer of security provided to credit card transactions. Your credit card must be linked to your registered mobile number to receive an OTP.
As part of OTP verification during a credit card transaction, an OTP is sent to your registered mobile number and email address.
This OTP is usually valid for up to 8-10 minutes, and you must enter it in a field provided on the payment gateway. Once the OTP is verified from the bank's end, the transaction is approve
What are the benefits of credit card OTPs?
Now that you understand the functioning of credit card OTPs, let us understand their importance and how a credit card owner can benefit from them:
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