Cashfree Payments, India’s largest payments and API banking firm, has announced the availability of CVV-free card payments for partners. CVV-free payments enable customers to enjoy faster, smoother, and more convenient checkouts on major networks such as Visa, Mastercard, and RuPay for stored (tokenized) cards. The checkout process is shortened by eliminating the necessity for CVV entry, which reduces transaction time by up to 5 seconds. CVV-free payments ensure the highest level of security while also complying with Reserve Bank of India (RBI) requirements.
CVV-free payments eliminate the need for cardholders to manually enter the CVV, which is a three or six-digit number found on credit, debit, or prepaid cards. In the past, inaccurate manual CVV entry led in payment problems. Users may now pick their saved card, enter the OTP, and complete transactions seamlessly, decreasing the risk of payment failure and friction.
Akash Sinha, CEO and Co-Founder, 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, Head of Products and Solutions, for India and South Asia, Visa said, “We are delighted to bring the ground-breaking innovation of CVV-free transactions for tokenized cards to Cashfree Payments and the merchants they support. 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.”
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 tokenized 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.”
Ravi Datla, Vice President, Head of Products & Solutions, for India and South Asia, Mastercard said, “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”
CVV-free payments are fully compliant with RBI standards, ensuring the highest level of security. The RBI’s Card on File Tokenisation (CoFT) procedure offers better card security by securely encrypting and storing client card details, with access restricted to card networks and issuing banks.
The CVV-free capability will be enabled automatically for firms who use Cashfree Payments’ ‘Token Vault’ solution for card tokenization. Cashfree Payments’ tokenization solution, ‘Token Vault,’ enables merchants to easily issue and save card network tokens, assisting merchants in remaining compliant with RBI standards. Token Vault provides an interoperability capability that allows organisations that utilise multiple payment gateways to process tokenized card transactions across any payment gateway and card network of their choosing.
Cashfree Payments presently leads the way in bulk disbursals in India with its Payouts and is also one of the major online payment aggregators, with over 50% market share among payment processors. SBI, India’s largest lender, invested in Cashfree Payments, highlighting the company’s role in developing a strong payments environment. Cashfree Payments collaborates extensively with all major banks to develop the basic payments and banking infrastructure that underpins the company’s solutions. Cashfree Payments is also compatible with popular platforms like Shopify, Wix, Paypal, Amazon Pay, Paytm, and Google Pay. Aside from India, Cashfree Payments products are used in eight other countries, including the United States, Canada, and the United Arab Emirates.