Cashfree Payments launches CVV-free card payments on major card networks for businesses

Akash Sinha, CEO and Co-Founder, Cashfree Payments said, "Credit card and debit card users play a crucial role in the success of digital businesses, contributing significantly to the Indian market. With CVV-free payments, we are reducing friction for cardholders, aligning their payment experience with other popular modes like UPI Intent."

Gaurish Korgaonkar, Head Digital Payments, NPCI said, “By eliminating the need for CVV verification for tokenised cards, we are streamlining the payment process while ensuring utmost security of sensitive card information. This feature guarantees faster and frictionless checkouts, revolutionising the way users make their payments.”

CVV-free payments are 100 percent compliant with the Reserve Bank of India (RBI) regulations ensuring highest level of security. The RBI guideline on the Card on File Tokenisation (CoFT) process, ensures enhanced card security by securely encrypting and storing customer's card details with restricted access limited to card networks and issuing banks.

The CVV-free feature will be automatically enabled for businesses using Cashfree Payments’ ‘Token Vault’ solution for tokenization of cards. ‘Token Vault’ is Cashfree Payments’ tokenization solution which enables merchants to provision and save card network tokens effortlessly, thereby helping merchants in staying compliant with RBI guidelines. ‘Token Vault’ offers an interoperability feature that helps businesses who use multiple payment gateways to process tokenized card transactions across any payment gateway and card network of their choice.