PayUBiz introduces one-tap feature for mobile payments

The service is aimed at reducing payment process time to about a fifth without having to enter the CVV or OTP numbers each time.

Approximately 10.000 enterprises, such as Snapdeal, Bookmyshow, Myntra use PayU biz as payment gateway. In 2013, the company introduced the “store card” feature in the payment space.

The company claims to have seen 50% reduction in the failure of transactions due to this technology. It said the technology could trigger a shift from cash on delivery (COD) mode to this mode of online payment, which is in compliance with the RBI norms of two factor authentication, and hence contribute to the growth of the ecommerce industry. As per reports, about 40% of online shoppers use COD mode for purchases.

The store card feature that starts the payment journey ensures that consumers dont have to enter the 16-digit card number repeatedly. The first factor authentication of putting the CVV each time while making an online payment is dispelled by the No-CVV feature.

Furthermore, the second factor authentication of OTP gets auto read and submitted, leading to seamless one-tap payment experience. However, the magic technology continues even when there is a network issue and the magic retry feature picks up the transaction from the point where it stopped.