RuPay has now introduced CVV free payment experience for its Debit, Credit and Prepaid cardholders. , representative image. , Photo Credit: Reuters
RuPay has now introduced CVV (card verification value) free payment experience for its debit, credit and prepaid cardholders, the National Payments Corporation of India (NPCI) said on Monday. token their card on the merchant application or webpage.
This new CVV-less experience ensures that the cardholder will not need to access their wallet or remember any card details if they have saved (tokenised) their card at the e-commerce merchant, NPCI said in a statement. that supports this feature. ,
Tokenization is a simple technique to secure card transactions without sharing explicit or real card details with merchants.
Read also: Explained | What is tokenization of debit and credit cards?
When a cardholder chooses to save his card for domestic e-commerce transactions, he authenticates the transaction as a one-time activity through card details (card number, CVV, card expiry date) and then enter OTP (two-factor authentication). The details are then tokenised and saved with the merchant, it said.
It protects the customer’s card details from cyber frauds as the actual details are not saved with the merchant.
Read also: How does tokenization prevent online card fraud?
Merchants live for CVV-less payments, for subsequent transactions the customer can complete the payment by simply entering the OTP without the need to re-enter the CVV or other card details.
RuPay, the indigenous card network developed by NPCI, went live on card on file token in 2021, in line with RBI guidelines, for its domestic e-commerce transactions to ensure better security for all its cardholders.