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Cashfree Payments Launches CVV-Free Card Payments On All Major Card Networks For Businesses

With this newly-launched feature, Cashfree is confident that customers will experience payments in a faster, smoother, and more convenient manner

Cashfree Payments Launches CVV-Free Card Payments On All Major Card Networks For Businesses
Akash Sinha, CEO, Cashfree

Outlook Start-Up Desk

POSTED ON June 23, 2023 1:59 PM

Cashfree Payments has launched CVV-free card payments for partner businesses.  The company has claimed that by eliminating the need for CVV entry, it seeks to help partners to streamline the checkout process and reduce transaction time by up to 5 seconds. 

It has also noted that CVV-free payments maintain the highest level of security, ensuring compliance with the Reserve Bank of India (RBI) regulations.

With this newly-launched feature, Cashfree is confident that customers will experience payments in a faster, smoother, and more convenient manner. 

Commenting on the latest launch,  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."

Ramakrishnan Gopalan, Vice President, Head of Products and Solutions, for India and South Asia, Visa said, “We are delighted to bring the ground-breaking innovation of CVV-free transactions for tokenized cards to Cashfree Payments and the merchants they support. This gives numerous small businesses and their customers a seamless and secure shopping and transaction experience. We are confident that this reduction of friction will lead to better transaction success and encourage businesses to embrace the digital ecosystem with trust and confidence.”

Gaurish Korgaonkar, Head of Digital Payments, NPCI said, “We are pleased to partner with Cashfree Payments for the introduction of CVV-free payments with RuPay cards, taking a significant step forward in our pursuit of delivering enhanced customer experience. By eliminating the need for CVV verification for tokenized cards, we are further streamlining the payment process while ensuring utmost security of sensitive card information. This innovative feature guarantees faster and frictionless checkouts, revolutionising the way users make their payments.”
 

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