RuPay has introduced the CVV (Card Verification Value) free payment experience for its Debit, Credit and Prepaid cardholders. This facility will be available to those who have tokenized their cards on the merchant application or webpage. Also Read - Got a feature phone? Here’s how you can use UPI on it
This feature will ensure an effortless experience for the cardholders as they will not have to reach out to their wallet for any card details if they have tokenized their card on the e-commerce merchant which supports this feature. Cardholders will now just need an OTP for a successful transaction. Also Read - Nokia 105 (2023), Nokia 106 4G launched with built-in UPI: Check price, availability
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This feature is now available with RazorPay for merchants such as Rapido, Porter, and others. RuPay is also collaborating with major aggregators/gateways such as PayU, CyberSource, Firstdata, Paytm, and others to offer this feature to more merchants.
“Our vision has always been to ensure effortless payments for all our RuPay cardholders without compromising on the security aspect. Having worked with the payments industry extensively for implementation of Card on File Tokenization, which ensures utmost security of sensitive card information, now we are aiming at making the payment experience of a tokenized card seamless,” said Denny Thomas, Head RuPay.
RuPay went live on Card on File Tokenization in 2021. Tokenization is a simple technology to secure card transactions by replacing card details with a unique token or code.
How Auto read OTP can ensure a smoother experience for Cardholders
When a cardholder chooses to save their card for a domestic e-commerce transaction, they verify the transaction with the card details (Card number, CVV, Card expiry date) once and then enter the OTP (two-factor authentication), the details are then tokenized and stored with the merchant.
This protects the card details of the customer from cyber frauds as real details are not stored with the merchant. On the merchants that support CVV-less payments, for the next transactions customer can finish the payment by just entering the OTP without entering the CVV or other card details again.
With the auto-read OTP feature on customers’ devices, this payment experience becomes easier than ever.
RuPay is India’s homegrown card network from the National Payments Corporation of India (NPCI), which was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India. NPCI has created a robust payment and settlement infrastructure in the country. Other products from NPCI include Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC FasTag) and Bharat BillPay.