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NPCI has started a new service, now transactions will be done in a jiffy with RuPay card without CVV
RuPay Card: NPCI has given a new gift to RuPay cardholders. Now without CVV, payment can be made through tokenized cards only through OTP. This facility will be available on credit and prepaid cards along with debit.
On Monday, the National Payments Corporation of India (NPCI) said that the Rupay card can now pay without CVV (Card Verification Value). This facility will be given to Debit, Credit and Prepaid cardholders who have tokenized the card on the merchant app and webpage and the transaction will be completed only with the help of OTP.
In a statement issued by NPCI, it was told that by making payment without CVV, customers will not have to remember the details of the card. However, customers need to tokenize their card on the e-commerce merchant's platform to avail of this feature.
The statement further said that with the help of this feature, customers can transact only through OTP and this will make payments much easier than before.
Tokenization is a payment technology that allows you to transact without sharing the card's original details with the merchant. It has been started by the government card company Rupay.
Whenever a cardholder transacts for e-commerce, he has to go through the entire process by entering the card number, CVV and card expiry date, etc. details, and OTP to authenticate his transaction. After this, the details can be tokenized and saved.
The card tokenization system was started by NPCI in Rupay 2021. In the guidelines issued by RBI to all card companies, it has been said that all cards should be made secure for transactions.
