Business

Flipkart offers Visa supported OTPs free transactions

To make small and low value transactions easy and faster, e-com player Flipkart has introduced Visa Safe Click (VSC), a platform by payments technology provider, Visa.

This new payment solution, VSC, as per the company would eliminate the need for One Time Passwords (OTP) for transactions up to ₹2,000. “ Flipkart hopes to reduce the steps in the payment system and help consumers complete their purchase journey with ease, primarily in regions where internet connectivity and e-literacy are scarce,” it said.

‘With this country's first in-app device based network authentication solutions,’ Flipkart would offer consumers the benefits of faster checkout time, leading to more shopping carts getting fulfilled with ease.

Especially at a time when e-commerce was witnessing an ever-growing demand, leading to higher and larger transaction volumes, VSC’s built-in network authentication capabilities would reduce the chances of transaction failures, said the e-com player.

Ranjith Boyanapalli, head, fintech and payments group at Flipkart, said, “OTP-based authentication is one of the biggest points of friction in online card transactions, wherein we have observed significant customer drop-offs.”

“As the Indian e-commerce market is expected to grow exponentially over the next few years, digital payment success is likely to be a crucial driving factor behind adoption of online shopping. VSC can eliminate points of friction, such as cart abandonment, connectivity and incorrect passwords, and transforms the payment experience into a faster, secure and seamless one,” said T.R. Ramachandran, Group Country Manager, Visa India and South.

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Printable version | Feb 29, 2020 7:12:16 AM | https://www.thehindu.com/business/flipkart-offers-visa-supported-otps-free-transactions/article30496809.ece

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