This system, developed by Visa and Mastercard to improve the security of online shopping, directs the card holder the website of the bank that issues the card during the payment process and the confirmation process is finalized with a one-time password sent to the mobile phone registered in the bank’s system.
In case of any attempt to use the card information by third parties, the bank ensures the client to experience a secure online shopping, as the payment transaction requires to be confirmed with the password sent to the card holder's mobile phone registered in the bank.
The system developed for Visa credit cards is called "Verified By Visa” whereas the system developed for Mastercard credit cards is called "SecureCode". No additional fee is required to activate this system.