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 (tokenised) their card on the e-commerce merchant which supports this feature, NPCI said in a statement. Tokenisation is a simple technology to secure card transactions without sharing the clear or real card details with the merchants. This safeguards the card details of the customer from cyber frauds as real details are not saved with the merchant. The merchants live for CVV-less payments, for the subsequent transactions customer can complete the payment by just entering the OTP without the need to enter the CVV or other card details again, it said. RuPay, the homegrown card network developed by NPCI, went live on Card on File Tokenisation in 2021, in line with RBI's guidelines, for its domestic e-commerce transactions to ensure better security for all its cardholders.

Source: The Hindu May 15, 2023 22:13 UTC