Visa gift card CVV not showing on iPhone

CVV and expiration date is generally used to help prove possession of the valid physical card during the wallet install validation process.

You need them to initially install a card into wallet …

… but not thereafter for ApplePay transactions.

(i.e. you’ve already proven to the “payments system” that you have physical possession)

You’ll still need all the info printed on the physical card (or the card itself) to make NON-ApplePay transactions.

Sorry, meant to say no CVV security code is stored on Apple Wallet.

No credit, debit or gift card stored on Apple Wallet as a security precaution.