RuPay, India’s own homegrown card network, has introduced the Card Verification Value (CVV) free payment experience for its debit, credit and prepaid cardholders who have tokenised their cards on the merchant application or webpage. RuPay went live on Card on File Tokenization in 2021 in line with RBI’s guidelines, for its domestic ecommerce transactions to ensure better security for all its cardholders.
To refine the experience further, RuPay has now introduced the CVV (Card Verification Value) free payment experience for its debit, credit and prepaid cardholders who have tokenised their cards on the merchant application or webpage.
Tokenisation is a simple technology to secure card transactions without sharing the clear or real card details with the merchants.
When a cardholder opts to save their card for a domestic ecommerce transaction, they authenticate the transaction through the card details (card number, CVV, card expiry date) as a onetime activity followed by entering the OTP (two-factor authentication). The details are then tokenised and saved with the merchant. This safeguards the card details of the customer from cyber frauds as real details are not saved with the merchant.
On the merchants live for CVV less payments, for the subsequent transactions customer can complete the payment by entering the OTP without the need to enter the CVV or other card details again.
This feature has been made live along with RazorPay for merchants like Rapido, Porter, etc. RuPay is further working with major aggregators/gateways like PayU, CyberSource, Firstdata, Paytm, etc. to extend this feature to other merchants, it said.
"This new CVV less experience ensures that the cardholder will not have to reach out to their wallet or remember any card details, if they have saved (tokenised) their card on the ecommerce merchant which supports this feature. They will just have to enter the OTP or their device will auto populate the OTP during the domestic ecommerce transaction and the payment will be done," RuPay said.
