CVV-Free Payments for Tokenised Cards in India by VISA

VISA, one of the biggest credit card networks in the world, has launched a new feature in the Indian Credit Card market. This feature is CVV-free payments allowing users to make payments without using a CVV number. The feature is applied to all tokenized credit cards and debit cards.

“Tokenised”, not many people are familiar with this word. The word ‘tokenized’ is used for a process of data security that involves replacing the sensitive information of the card. The sensitive information can include credit card numbers and all the other information on the card. The process to ‘tokenize’ credit cards is to have the credit card details being replaced with a unique code given by the provider. The unique code is called a “token”; hence the card becomes “tokenized”.

How does Tokenization work?

• It starts with a customer providing their payment details at the online checkout form.
• The details or data will now be replaced by a token generated randomly mostly by the merchant’s payment gateway.
• Now, the tokenized information gets encrypted and sent to the payment processor. Here, the original information is stored in a token vault at the merchant’s payment gateway which is the only place where the token can be searched for the information it represents.
• The payment processor now encrypts the tokenized information again before being sent to its final verification.

This feature is especially for all online payments since now you cannot save your credit card number on any website, you will have to put in the details again and again. In such cases, tokenizing the cards is the best possible measure to make the process hassle-free. Even if you get the option of saving the card, it will be saved as its token number. Every website is given a different token or a different token is generated on different websites by the card issuer.

The CVV-free Payment indicates that the users need not share their CVV pin to make the payment on any website now. However, this feature can only be used to make domestic payments only. If you wish to make international payments, you might need to use the other details on your credit card.

The CVV-free method of making payments is certainly new in the Indian market. But this concept will keep the sensitive data belonging to its users safe. This will also decrease the amount of cyber fraud since the two-step verification is a must. CVV-free payments might sound illogical and risky but the credit cards and the information is more secure than ever with this feature by VISA.