A bank in Mexico is the first in the world to publicly experiment with this technology. With their mobile wallet application, cardholders are able to use dynamic CVC/CVV codes, which are generated every twenty minutes.
If somebody is using credit card information stolen from a data intrusion and the merchant accepting payment online asks for the CVV, it likely would have changed by that time, they would enter the wrong CVV and the transaction would be declined.
Cards with CVV code display that randomly changes will ensure that users making orders online are who they say they are. Many e-Commerce sites already ask shoppers for the CVV code during online transactions or over the phone.
The technology is an intuitive solution, but costly to issuers. Cards with displays that enable a dynamic CVV code are 10 times more expensive than chip cards.
As mobile banking, e-commerce, and m-commerce is growing, something had to change sooner or later in the online payment industry.