For card users, entering the CVV during every transaction can feel cumbersome, especially in an era where UPI payments offer speed and convenience with minimal steps. This extra layer often results in friction, leading to abandoned carts or failed transactions. Furthermore, CVV-related errors contribute to a 2-3% dip in transaction success rates, affecting business growth.
Simplify payments with SwiftPay, leveraging CoFT tokens for a seamless, secure checkout. By eliminating CVV entry, it reduces CVV-related errors, directly improving your Gross Transaction Value (GTV). Perfect for loyal users, SwiftPay enhances speed, boosts conversion rates, and delivers a superior user experience—all while maintaining top-tier security.
What is CVV and why does it matter?
CVV (Card Verification Value) is a 3 or 4-digit code used to verify the cardholder’s identity during online transactions. While it adds a layer of security, requiring CVV often creates friction in the payment journey, contributing to transaction failures and lower conversion rates.
What is SwiftPay?
SwiftPay leverages tokenized cards to simplify repeat payments. With this feature, customers no longer need to enter their CVV during transactions, ensuring a fast and smooth checkout experience. Despite the removal of CVV entry, advanced security protocols, including OTP authentication, guarantee the highest level of safety.
How does SwiftPay work?
- Tokenization: The customer’s card is tokenized during the first transaction using CVV, OTP, and consent.
- Subsequent Transactions: The token eliminates the need for CVV, allowing repeat payments to be fast and frictionless while maintaining OTP-based security.
Why Choose SwiftPay?
- Fast Checkout: SwiftPay eliminates the hassle of entering CVV, enabling quicker transactions and reducing cart abandonment.
- Enhanced Success Rates: SwiftPay ensures 2% higher success rates and improved Gross Transaction Value (GTV) while reducing CVV related errors.
- Seamless Experience: Customers enjoy a simplified payment flow, perfect for subscriptions, loyalty programs, and frequent purchases.
- Secure and Compliant: SwiftPay uses tokenization to maintain security, complying with RBI guidelines and protecting sensitive card data.
Use Cases
1. Subscription Services
a) Streaming Platforms: Subscribers to services like Netflix or Spotify can save card details without repeatedly entering CVV, ensuring smooth renewals and uninterrupted access.
b) SaaS Businesses: Customers upgrading or renewing plans for tools like productivity or design software can complete transactions swiftly, reducing friction and drop-offs.
2. E-commerce
a) Frequent Purchasers: Loyal users on platforms like Amazon or Flipkart can enjoy faster checkouts, enhancing retention and satisfaction.
b) Flash Sales: During limited-time offers, quicker payments help customers secure their purchases, improving conversion rates for merchants.
3. Loyalty Programs
a) Travel & Hospitality: Airlines and hotel programs allow frequent flyers or members to book tickets and accommodations without CVV, speeding up the booking process.
b) Retail Rewards: Members redeeming points through loyalty apps can easily pay remaining balances without additional steps, boosting engagement.
4. Food Delivery and Quick Commerce
a) One-Tap Orders: Apps like Swiggy or Instacart enable repeat customers to order food or groceries effortlessly with CVV-less payments.
b) Rush Hour Ordering: Reducing payment steps during peak hours ensures smoother experiences for customers and service providers alike.
5. Digital Goods & Microtransactions
a) Gaming Platforms: Players can purchase in-game items or upgrades instantly without payment friction, enhancing the gaming experience.
b) E-books & Digital Media: Buyers of digital goods like e-books, audiobooks, or videos can complete transactions with a single click.
6. Recurring Utilities or Bills
a) Utilities: Services like electricity, telecom, or broadband allow faster bill payments by eliminating CVV entry.
b) Gym Memberships: Monthly payments for fitness centers are processed seamlessly, avoiding failures due to missing credentials.
Availability
SwiftPay is available for transactions on VISA and MasterCard. Support for Rupay is expected soon.
Limitations
- Guest Checkouts: CVV remains mandatory for transactions made by new users or for cards that haven’t been tokenized.
- Growing Adoption: While currently supported by major card networks and issuing banks, SwiftPay is gradually expanding to more platforms and networks to enhance its reach.
How to Get Started?
Integrating the CVV-less feature is simple and seamless. It works smoothly with your existing payment APIs, requiring only minor adjustments based on your platform’s setup. Refer to the API documentations to get started and enable hassle-free, secure checkouts for your customers.
With SwiftPay, merchants can offer their customers a checkout experience that’s fast, secure, and seamless. By eliminating unnecessary steps and leveraging cutting-edge security, this feature represents the future of digital payments.If you need any further information, please don’t hesitate to reach out to online-sales@pinelabs.com
A seasoned Senior Product Manager at Plural by PineLabs. With more than 11 years of expertise in fintech, specializing in digital payments and consumer lending, Kartik brings a wealth of experience in product building and shipping. He holds a Master’s degree in Information Technology Management, complementing his hands-on industry knowledge. Beyond his professional pursuits, Kartik is fueled by diverse passions including painting, cooking, and workout and cricket.
