RuPay recently introduced CVV-free payments for tokenized cards, enhancing security and streamlining the payment process for consumers during domestic e-commerce transactions.
About CVV-free payments for tokenized cards:
- RuPay’s introduction of CVV-less payments for tokenized cards marks a significant advancement in the payment experience for consumers.
- This feature simplifies the payment process while maintaining high levels of security, especially for domestic e-commerce transactions.
- RuPay’s CVV-free payment feature for tokenized cards is a significant step towards enhancing the consumer experience in India’s growing e-commerce market.
- It combines the benefits of speed, convenience, and security, making online transactions easier and safer for millions of cardholders.
How does Tokenization work?
- When a cardholder opts to save their card details for an e-commerce transaction, details are authenticated using two-factor authentication, which includes a one-time password (OTP).
- A unique token is generated, which is a randomly created string of characters that represents the card details. This token is then securely stored with the merchant.
- During future transactions, the token is used in place of the actual card details, ensuring that the sensitive information is not exposed or shared with the merchant.
Benefits of CVV-Free Payments:
- With CVV-less payments, consumers no longer need to enter their card details repeatedly.
- Once their card is tokenized, they can complete transactions by simply entering an OTP, making the process quicker and more convenient.
- The actual card details are not stored or shared, the risk of data breaches and fraud is minimized.
- The tokenization process ensures that even if a token is compromised, it cannot be used without additional authentication.
- For consumers who frequently shop online, this feature eliminates the need to remember CVV codes or carry their physical cards, providing a hassle-free shopping experience.
- This feature enhances the convenience by automatically populating the OTP during the transaction, making the process even smoother.
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Frequently Asked Question:
What is CVV-free payment?
CVV-free payment is a feature introduced by RuPay where cardholders do not need to enter their CVV code during online transactions if their card has been tokenized.
What is tokenization?
Tokenization is a technology that replaces your actual card details (like card number, CVV, and expiry date) with a unique token. This token is securely stored with the merchant, ensuring that your sensitive card information is not exposed during transactions.
How does tokenization enhance security?
Tokenization enhances security by ensuring that your actual card details are not shared or stored with merchants.