A Credit Card is a wonderful convenience that lets you pay for your purchases online or offline without cash. But how does a Credit Card work?
Let’s begin by examining a Credit Card carefully. A Credit Card comes with the following:
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On the back of the Credit Card is:
A magnetic strip or chip
The CVV number. This is needed for online transactions.
How do Credit Cards work? Let’s take a look at what happens when you use your Credit Card at a retail store.
How do Credit Cards work online?
When you are paying for purchases online, the e-commerce store will ask you for the following details:
Choose whether it is Visa or Mastercard
16-digit card number,
Expiry date,
CVV
Name as printed on the card
Billing address (sometimes)
Once you hit pay, the information is sent to your bank via a payment gateway. The bank sends an OTP or one-time password to your registered email ID or mobile number to authenticate the transaction. If the OTP is correct, then your transaction is complete.
