India-based payments and API banking company Cashfree Payments has launched CVV-free card payments for partner businesses. CVV-free payments enable customers to experience faster, smoother, and more convenient checkouts for saved (tokenised) cards on major networks such as Visa, Mastercard, and RuPay.
CVV-free payments eliminate the need for cardholders to manually enter the CVV, a three or six-digit number found on credit, debit or prepaid cards. Incorrect manual entry of CVV also results in payment failures. With Cashfree Payments launch, users can select their saved card, enter the OTP, and complete transactions seamlessly, reducing potential payment failure and friction.
Eliminating the need for CVV entry streamlines the checkout process, reducing transaction time by up to five seconds. CVV-free payments also maintain the highest level of security, ensuring compliance with the Reserve Bank of India (RBI) regulations.
The RBI guideline on the Card on File Tokenisation (CoFT) process, ensures enhanced card security by securely encrypting and storing customer’s card details with restricted access limited to card networks and issuing banks.
Cashfree Payment’s CVV-free feature will be automatically enabled for businesses using its ‘Token Vault’ solution for the tokenisation of cards. ‘Token Vault’ is Cashfree Payments’ tokenisation solution which enables merchants to provision and save card network tokens effortlessly, thereby helping merchants in staying compliant with RBI guidelines.
‘Token Vault’ also offers an interoperability feature that helps businesses that use multiple payment gateways to process tokenised card transactions across any payment gateway and card network of their choice.
‘A game-changing feature that goes beyond user convenience’
Akash Sinha, CEO and co-founder of Cashfree Payments, said: “We are excited to introduce CVV-free payments, a game-changing feature that goes beyond user convenience. 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”.
Ramakrishnan Gopalan, vice president and head of products and solutions for India and South Asia at Visa, also discussed the launch of CVV-free transactions for tokenised cards: “This gives numerous small businesses and their customers a seamless and secure shopping and transaction experience. We are confident that this reduction of friction will lead to better transaction success and encourage businesses to embrace the digital ecosystem with trust and confidence”.
Ravi Datla, vice president and head of products and solutions for India and South Asia at Mastercard, also commented: “Mastercard endeavours to revolutionise the payment landscape and drive the growth of the Indian digital market by making the payment journey seamless and hassle-free for customers.
“By eliminating the need for manual CVV entry, Cashfree Payments is reducing transaction time and minimising payment failures. The collaboration with Cashfree Payment reflects Mastercard’s unwavering commitment to continuously innovate and provide solutions that accelerate the pace of digital payments, ensuring safety, precision, and convenience for masses”.
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