RuPay goes live with CVV-free payment mode
Card Verification Value is not required for tokenized debit/credit/pre-paid cards; The move safeguards card details of the customer from cyber frauds
image for illustrative purpose
New Delhi: The National Payments Corporation of India (NPCI) on Monday said 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.
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 (tokenized) their card on the ecommerce merchant which supports this feature, NPCI said in a statement.
Tokenization 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 Tokenized and saved with the merchant, it said.
This safeguards the card details of the customer from cyber frauds as real details are not saved with the merchant.
