According to the latest development by the national payment Corporation of India, the financial aggregator, RuPay, has introduced a new feature in transacting digital transactions. According to the latest update, all the transactions carried with the help of debit and credit cards will no longer require card verification value. This feature will be helpful to all the card holders to execute the transactions even when they do not know the complete card details. A tokenized version of the card would already be saved with the eCommerce Merchant and this will help the card holder to complete the transaction. The process of tokenization is an important step to secure the card payments in which the card holder is not required to share any kind of details with the merchants. Almost all the transactions were carried with the help of debit and credit cards with cuwire details such as the name on the card and the number of the card including the expiry date and CVV.
If the details of the card are not shared with The Merchant then automatically the possibility of Cyber fraud will reduce. The card holder only needs to complete the payment by entering the OTP without the need to enter the CVV and other types of card details once again.This change has been first introduced by National Payment Corporation of India. This will motivate all the customers to switch to the domestic networks as compared to the other networks. This move has been taken to make the flow of the transactions much more regular. According to the report of the national crime bureau the percentage of cyber fraud has been increasing over the period of time and most of this fraud has been conducted after the manipulation of the account details and card holder details.
OTP has been considered to be a safer method with the help of which the transactions can be executed safely. On the other hand, the two factor authentication reduces the possibility of sharing any information with a third party without the consent of the user. The details are protected with the card holder and the merchant does not get any access to the information of the card. It is practically a safe method to bring different types of changes in the way in which the card holders recognise the transactions easily with each other. The purpose of this entire exercise is to generate awareness among the people so that they do not fall prey to the fraud calls. This information is definitely helpful in order to bring better results in the times to come. This will definitely decrease the quantum of the frauds so that the wealth of the innocent citizens is not reduced due to the fraudulent activities of another person.