Online payment solution provider PayU has unveiled its latest feature, CVV less technology to improve user experience and enhance transaction success rates for online payments, across all platforms, web and mobile apps. PayU is looking at friction less transactions which allows a customer to pay for his or her online purchases without ever having to leave the app of the seller. Moving a step closer to this idea, PayU has come up with a solution which reads the One Time Password (OTP) which the bank sends a customer on their registered mobile number. Also Read - Single QR code for UPI and Bharat QR based e-payments launched by Pine LabsAlso Read - YouTube Rewind is now the most disliked video on YouTube, ever!
Reading this number saves a customer the hassle of having to leave the app to check and fill in the OTP making the transaction process easier. Also Read - IRCTC online ticket booking: Your easy guide to book Indian Railways train tickets online
“We checked out the largest problem we wanted to solve and zeroed in on friction-less transactions,” said Nimit Kumar, Product Head, PayUbiz, when asked about how PayU came up with the idea of having a solution to read an OTP number.
A patent has been applied for the same and is still pending. PayU provides online payment solution to online retailers. Their customers include e-retailers like, Snapdeal, BookMyShow and Redbus amongst others. PayU charges these firms a one-time setup fee and also charges their clients a fee of two to three percent of each transaction.
The company has also launched innovative features like OneTap Payment and Magic Retry to help make payment solutions easier for the final customer.
“We would like to be invisible as that will be proof that customers face no hassles in online transactions,” said Nimit.
PayU is also looking at other verticals and recently tied up with IndusInd Bank to take care of the banks consumer banking products.