Hong Kong – Citi Hong Kong is set to launch what it describes as Hong Kong’s first virtual credit card with a dynamic Card Validation Code (CVC), in partnership with Mastercard.
The new feature is designed to provide additional protection for online transactions by generating a one-time verification code for each new transaction.
The launch comes as digital commerce and card-not-present (CNP) transactions continue to grow. Citi Hong Kong recorded more than 20% year-on-year growth in the combined volume of domestic e-commerce and recurring transactions in 2025, with foreign-currency transactions recording higher growth, according to the bank.
Citi said around 80% of its credit card fraud attempts are linked to CNP transactions, highlighting the risks associated with online payments.
The virtual credit card will be available through the Citi Mobile app and will combine a virtual card number with a dynamic CVC. The code will be valid for a limited period and will automatically refresh if it is not used within that period.
The solution uses Mastercard’s tokenisation infrastructure, which replaces sensitive card details with a digital token. Citi said the approach is intended to reduce the exposure of customers’ physical card credentials when making online purchases.
Customers will still be able to use their physical credit cards for in-person transactions, while the virtual card can be used for online shopping, subscriptions, recurring payments and mobile wallets.
Citi said the feature is intended to give customers greater control over their online transactions by separating digital spending from their physical card usage.
The bank’s announcement also cited Mastercard data showing that 40% of its transactions globally are now tokenised, while contactless payments account for about 70% of in-person purchase transactions on Mastercard-branded cards worldwide.
“At Citi, we are focused on delivering innovative solutions that help customers navigate an increasingly digital world with confidence,” said Sarah O, Head of Digital Growth & Cards and Unsecured Lending Sales at Citi Hong Kong.
“The upcoming launch of Hong Kong’s first Virtual Credit Card with Dynamic CVC reflects how we are leveraging digital innovation to make online payments safer, easier and more reassuring, helping customers transact with greater confidence and peace of mind. With the rapid growth of digital commerce and the persistent threat of card-not-present fraud, solutions like this are not just a differentiator – they are a necessity for responsible digital banking,” O continued.
“Mastercard is honored by the trust Citi has placed in us to bring this market-first innovation to their Hong Kong credit cardholders,” said Helena Chen, Senior Vice President and General Manager of Hong Kong and Macau at Mastercard.
“The Virtual Credit Card with Dynamic CVC leverages Mastercard’s tokenization capabilities to safeguard cardholders’ credentials, demonstrating how our security innovations are setting a new benchmark for consumer protection in digital commerce. This launch also reflects Mastercard’s promise to deliver safe and secure payment experiences to every cardholder,” Chen continued.
The virtual credit card with dynamic CVC is expected to become available to eligible Citi Mastercard credit card customers in Hong Kong in the coming months through the Citi Mobile app.
