Payment via tokenised card gets easier

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Now, using a Visa card will save you time as well as effort. How? We will tell you. In fact, the card payment company Visa has introduced the facility of CVV-free payments for various services, including purchasing from e-commerce websites. This means that you no longer need to enter the Card Verification Value (CVV) when making payments with tokenised cards. CVV is the number printed behind the credit or debit card.

What is tokenisation Tokenisation eliminates the need for customers to enter the 16-digit debit or credit card number and details like expiry date on the merchant’s website. Another advantage of this is that it helps protect users from the risk of cyber fraud. This is because online merchants do not store the customer’s card details but only save the token. Moreover, a token cannot be used across different websites. It is necessary to generate a separate token for each e-commerce site.

If you are using a Visa card, then you can get these services on e-commerce apps like Zomato and payment services apps like Razorpay.

How does it work When merchants adopt tokenisation, they will no longer need to ask for the CVV every time a customer makes a transaction in India. Whenever customers tokenise their card on a merchant or e-commerce site, they will only need to provide the 3-digit CVV code once. After that, there will be no need for it in subsequent transactions.

In terms of benefits, the CVV-free feature makes online transactions more convenient and easy. With tokenisation, card details are replaced with a unique code, so only the code is displayed instead of the actual card details. This enhances the security of transactions. Additionally, tokenised transactions are two-factor authenticated, meaning you need to verify the transaction twice: once during tokenization and again when entering the OTP (one-time password).

Currently, the usage of cards, especially debit cards, is decreasing due to the popularity of Unified Payments Interface (UPI)  payments. According to the National Payments Corporation of India (NPCI), in the calendar year 2022, there were around 74 billion transactions conducted via UPI, with a total transaction value of approximately 1.26 lakh crore rupees. However, with the introduction of Visa’s service, it is possible that there might be changes in the usage of cards as well. Visa is the largest card company in India and the world, and the availability of this feature may lead to an increase in card usage.