Now make RuPay Credit Card, Debit Card payments without CVV, check details here
About the initiative:
With the auto-read OTP feature enabled on customers’ devices, this payment experience will become smoother than ever, NPCI said
RupPay Credit Card and Debit Card users will now be able to make e-commerce online transactions without the need to share CVV. This will be, however, applicable only to tokenised cards.
About previous steps:
RuPay went live on Card on File Tokenization in 2021, in line with RBI’s guidelines, for its domestic e-commerce 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 tokenized their cards on the merchant application or webpage, the National Payments Corporation of India (NPCI) today said in a statement.
As per NPCI, tokenization is a simple technology to secure card transactions without sharing clear or real card details with the merchants.
Words from NPCI:
The NPCI said: "when a cardholder opts to save their card for a domestic e-commerce transaction, they authenticate the transaction through the card details (Card number, CVV, Card expiry date) as a one-time activity followed by entering the OTP (two-factor authentication). The details are then Tokenized 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 just entering the OTP without the need to enter the CVV or other card details again," the NPCI said.
"With the auto-read OTP feature enabled on customers’ devices, this payment experience will become smoother than ever
The new CVV-less payments feature has been made live along with RazorPay for merchants like Rapido, Porter, etc. RuPay is also working with major aggregators/gateways like PayU, CyberSource, Firstdata, Paytm, etc. to extend this feature to other merchants," the NPCI said.
Words from Denny Thomas:
Commenting on the new feature, Denny Thomas, Head RuPay said, “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.”
He further said: "this new CVV-less experience will ensure that the cardholder will not have to reach out to their wallet or remember any card details if they have saved (tokenized) their card on the e-commerce 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," he concluded.