One Time Credit Card Transaction (OTCC)
The term One Time Credit Card Transaction (OTCC) refers to a payment method that allows for a single-use credit card number to be generated for a specific transaction. It is designed to enhance payment security by providing a unique credit card number that can only be used for a single transaction, thereby reducing the risk of unauthorized or fraudulent activities.
With an OTCC, the customer's actual credit card number is not shared with the merchant or stored in their system. Instead, a temporary credit card number is generated by the card issuer or a trusted third-party service. This temporary number is linked to the customer's actual credit card account but can only be used for a single transaction and is invalid for any subsequent transactions.
The process of using an OTCC typically involves the following steps:
1. Requesting OTCC: The customer initiates a transaction with the merchant and indicates their intention to use an OTCC for payment.
2. Generating OTCC: The card issuer or a trusted third-party service generates a unique credit card number that is linked to the customer's account but is valid for a single transaction only. This number is typically accompanied by an expiration date and a CVV (Card Verification Value) code.
3. Providing OTCC Details: The customer provides the generated OTCC details, including the credit card number, expiration date, and CVV code, to the merchant for payment processing.
4. Transaction Authorization: The merchant submits the OTCC details to the payment processor, who verifies the validity of the OTCC and authorizes the transaction.
5. Transaction Completion: The transaction is completed using the OTCC, and the customer's actual credit card number remains secure and undisclosed.
The use of OTCC provides an additional layer of security for online or card-not-present transactions. It helps mitigate the risk of credit card fraud, as even if the OTCC is intercepted or compromised, it cannot be used for subsequent transactions. This method reduces the exposure of the customer's sensitive credit card information, enhancing overall payment security.
It is important to note that the availability and implementation of OTCC may vary depending on the card issuer, financial institution, or payment service provider. Customers should consult their card issuer or financial institution to determine if OTCC is offered as a security feature and understand the specific procedures for generating and using OTCCs.