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New Delhi : The National Payments Corporation of India (NPCI) on Monday said that RuPay card can now make payments without CVV (Card Verification Value). This facility will be offered to Debit, Credit and Prepaid card holders who have tokenized the card on the merchant app and webpage and the transaction will be completed with the help of OTP.
The statement said that with the help of this feature, customers can transact only through OTP and this will make payments much easier than before.
What is tokenization?
Tokenization is a payment technology that allows you to transact without sharing actual card 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 details like card number, CVV and card expiry date and OTP to validate his transaction. After this the details can be secured by giving the token.
Let us tell you, the card tokenization system Rupay was launched by NPCI in 2021. In the guidelines issued by RBI to all card companies, it has been said that all cards should be made secure for transactions.
