Cashfree Payments, a payments and API banking company, today launched CVV-free card payments for partner businesses. CVV-free payments allow customers to experience faster, smoother, and more convenient checkouts for saved(tokenised) cards on major networks such as Visa, Mastercard, and RuPay.
The company said that the development will reducing transaction time by up to 5 seconds. CVV-free payments maintain the highest level of security, ensuring compliance with the Reserve Bank of India (RBI) regulations.
CVV-free payments eliminate the need for cardholders to manually enter the CVV, a 3 or 6-digit number found on credit, debit or prepaid cards. Previously, incorrect manual entry of CVV resulted in payment failures. With this launch, users can select their saved card, enter the OTP, and complete transactions seamlessly, reducing potential payment failure and friction.
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. At Cashfree Payments, our vision is to consistently innovate and forge solutions that make digital payments faster, safer, and more convenient. This feature represents a significant stride towards realising that vision."
Gaurish Korgaonkar, Head Digital Payments, NPCI said, “We are pleased to partner with Cashfree Payments for the introduction of CVV-free payments with RuPay cards, taking a significant step forward in our pursuit of delivering enhanced customer experience. By eliminating the need for CVV verification for tokenised cards, we are further streamlining the payment process while ensuring utmost security of sensitive card information. This innovative feature guarantees faster and frictionless checkouts, revolutionising the way users make their payments.”
The CVV-free feature will be automatically enabled for businesses using Cashfree Payments’ ‘Token Vault’ solution for tokenisation 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, company said.
Cashfree Payments is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm, and Google Pay. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada, and UAE.
