Visa, the pioneer in digital payments, has come up with a revolutionary solution to make online transactions smoother and safer. The company has launched CVV-free tokenized transactions for domestic payments in India, adhering to the guidelines issued by the Reserve Bank of India.
This move will simplify online transactions, making them faster and more secure for Visa users. Being the first payment network to introduce this feature, Visa is leading the way toward a hassle-free and secure online payment experience for its customers.
What is CVV-free tokenisation?
CVV, which stands for card verification value, is a three or four-digit number located on the back of a physical debit or credit card. It is used as an additional security measure to ensure that the person making the transaction is a legitimate cardholder. When making an online transaction, the user is typically asked to enter the CVV along with the card number and expiration date.
CVV-free tokenisation allows customers to make online transactions without the need to enter their CVV every time. When a card is tokenised, the CVV is collected during the initial token provisioning, but merchants and acquirers can stop collecting CVV during subsequent token-based domestic CNP transactions.
How to use CVV-free tokenisation cards?
Tokenisation replaces a customer's card details with a unique code called a token. This makes transactions more secure as merchants only save the token and not the card details. The token is two-factor authenticated, once at the time of tokenisation and again at the time of putting the OTP, making it safer for customers to make online transactions.
To use CVV-free tokenisation cards, customers need to ensure that their card is tokenised. Merchants who use tokenisation for transactions on Visa cards no longer need to collect the CVV for domestic online transactions originating on tokenised credentials. Customers can simply use their tokenised card details for online transactions without worrying about entering their CVV.
CVV-free tokenisation makes domestic card-not-present (CNP) tokenised transactions faster, and safer. Customers can enjoy a positive and smooth payment experience without the need to enter their CVV every time. Tokenisation also secures customers from cyber frauds as merchants only save the token and not the card details.
Ramakrishnan Gopalan, Head – Products, India and South Asia, Visa, said, “We have always strived to ensure a superior payment experience, coupled with minimum friction and best-in-class security. We are confident this move will unlock positive and smooth payment experiences for consumers on their online domestic transactions.”
Visa's CVV-free tokenisation is a significant move towards making online transactions faster and safer. By tokenising card details, customers can enjoy a seamless payment experience without the need to enter their CVV every time. Tokenisation also secures customers from cyber fraud, making it a win-win situation for everyone involved.