Bengaluru, 22nd June 2023: Cashfree Payments, India’s leading payments and API banking company, announced the launch of CVV-free card payments for partner businesses. CVV-free payments allow customers to experience faster, smoother, and more convenient checkouts for saved(tokenized) cards on major networks such as Visa, Mastercard, and RuPay. By eliminating the need for CVV entry, the checkout process is streamlined, 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, “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 100% compliant with the Reserve Bank of India (RBI) regulations ensuring highest level of security. 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.
The CVV-free feature will be automatically enabled for businesses using Cashfree Payments’ ‘Token Vault’ solution for tokenization 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. ‘Token Vault’ offers an interoperability feature that helps businesses who use multiple payment gateways to process tokenized card transactions across any payment gateway and card network of their choice.
With over 50% market share among payment processors, Cashfree Payments today leads the way in bulk disbursals in India with its Payouts and is also among the leading online payment aggregators. India’s largest lender, SBI invested in Cashfree Payments underscoring the company’s role in building a robust payments ecosystem. Cashfree Payments works closely with all leading banks to build the core payments and banking infrastructure that powers the company’s products. 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.