Online payments and transactions are on the rise thanks to online e-commerce portals and various other merchants adopting this method. The biggest concern about this method of payment is security and with the addition of various steps of verification like debit card and credit card CVV numbers and OTP (One Time Password), chances of a fraud online transaction are relatively low. The second major concern is that while payment gateways are getting secure, the process takes a longer time and there are instances when the user faces network issues leading to a failed payment.
To tackle this, PayUbiz has announced an interesting technology called ‘One Tap’ which focuses on making online payments swifter. PayUbiz is a leading payment gateway solution provider which is used by more than 80 out of the top 100 e-commerce companies. One Tap technology will enable all mobile payments being made through debit or credit card to happen with a single tap without hampering the two-step verification guidelines given by the RBI (Reserve Bank of India).
A traditional payment process includes entering your debit or credit card details including the number and expiry date, then the CVV code and then you are redirected to a gateway page where you request for an OTP on your mobile phone which is fed to finally authorize the transaction. The new One Tap technology includes four features that are said to make the whole process a lot less cumbersome. Card details can be stored which ensures that users don’t have to go through the pain of putting the details again and again. This is not a new feature since a number of e-commerce websites allow you to save your multiple cards. Entering and confirming the CVV is the first factor of authentication but the user only needs to enter their CVV only once, when the card is saved after which the No-CVV feature is enabled, which means that the CVV code is not required for subsequent transactions.
Then there is the OTP, the second authentication method. Users need request for it and then once you receive it, you need to check it from your SMS inbox before you can feed it. However, One Tap comes with an auto read and submission feature, reducing yet another step for the payment. After all this if you happen to get a network issue, the magic retry feature picks up the transaction from the point where it stopped. Quite crucial, since slow and unreliable connectivity has become a norm for telecom operators.
This technology has rolled out on apps like PayUmoney and Twigly and the PayUbiz is already working with other partner Peppertap, Redbus, Goibibo, Grofers, Big basket, Just dial, Xiaomi, Musafir and nearbuy which will be rolling out the technology for their portals. According Rahul Kothari, Business Head, PayUbiz, “We are planning and currently talking to all the major and the big names in e-commerce space. Hopefully the One Tap feature will start rolling out extensively in the coming 3-4 weeks.”
The technology sounds promising but CEO and Co-Founder Nitin Gupta said that we are using a secret patented method to fetch the CVV code of a user’s debit or credit card since saving of CVV numbers by payment merchants is not allowed according to the PCI-DSS (Payment Card Industry Data Security Standard). However, he didn’t disclose how the entering of the CVV number is tackled and called it as the ‘Secret Sauce’ of the whole technology which has been patented.
