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Cashfree Payments launches CVV-free payments for businesses

By Leandra Monteiro

June 21, 2023

  • Card Payments
  • Cashfree Payments
  • CVV-Free Payments
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Cashfree Payments,Cashfree Payments announced the launch of CVV-free card payments for partner businesses.

CVV-free payments allow customers to experience faster and more convenient checkouts for saved(tokenized) cards on major networks such as Visa, Mastercard, and RuPay. By eliminating the need for CVV entry, the checkout process is streamlined, reducing transaction time by up to 5 seconds. CVV-free payments maintain the highest level of security, ensuring compliance with the Reserve Bank of India (RBI) regulations.

CVV-free payments eliminate the need for cardholders to manually enter the CVV, a 3 or 6-digit number found on credit, debit or prepaid cards. Previously, incorrect manual entry of CVV resulted in payment failures. With this launch, users can select their saved card, enter the OTP, and complete transactions seamlessly, reducing potential payment failure and friction.

Akash Sinha, CEO and Co-Founder, Cashfree Payments said, “We are excited to introduce CVV-free payments, a game-changing feature that goes beyond user convenience. Credit card and debit card users play a crucial role in the success of digital businesses, contributing significantly to the Indian market. With CVV-free payments, we are reducing friction for cardholders, aligning their payment experience with other popular modes like UPI Intent. At Cashfree Payments, our vision is to consistently innovate and forge solutions that make digital payments faster, safer, and more convenient. This feature represents a significant stride towards realising that vision.”

The CVV-free feature will be automatically enabled for businesses using Cashfree Payments’ ‘Token Vault’ solution for tokenization of cards. ‘Token Vault’ offers an interoperability feature that helps businesses who use multiple payment gateways to process tokenized card transactions across any payment gateway and card network of their choice.

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