Multi-layered authentication is often a hassle for frequent shoppers. To solve this problem, payment gateway solution provider PayUbiz unveiled ‘one tap’. The feature enables all mobile payments being made through debit or credit card to happen by just one tapon the screen.
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The PCI-DSS-compliant and patent-pending ‘one tap technology’ ensures that the consumers don’t have to go through the pain of entering their 16-digit card number repeatedly. The no-CVV feature eliminates the first-factor authentication of keyingin the CVV each time while making an online payment. Consumers can currently experience this technology on apps such as PayUmoney and food tech #startup Twigly.
Additionally, the second-factor authentication of OTP gets auto-read and submitted, leading to the completion of a seamless one-tap payment experience. Earlier, Alibaba-backed Paytm had launched one-tap feature for its wallet users to transfer money and recharge.
Elaborating on the feature, Rahul Kothari, Business Head at PayUbiz, commented,
With this technology, e-commerce companies will be able to deliver absolute customer delight through faster and hassle-free payments experience with just one tap. This is one in a series of innovations we are going to deliver that will change the way consumers make payments online.
The company is working with other partner e-commerce companies to get this live soon on their platforms. The one-tap feature will also be live with Peppertap, Redbus, Goibibo and Grofers, amongst others. The Gurgaon-based company claims to service over 80 of the top 100 e-commerce companies in India including Goibibo, Snapdeal, Bookmyshow, Yatra and Zomato.
According to a report released by PayU India in June this year, grocery contributes to five per cent of its overall e-commerce transactions and it expects this to rise to 35 per cent by June next year. One-tap feature works well with impulsive categories like grocery.
Digital payments are expected to touch Rs 1.2 lakh crore in 2014, growing 40 per cent on the back of rising transactions in e-commerce, utility bill payments and other online transactions. Currently, nearly 50 per cent of online retail is still cash-on-delivery (COD). However, this is expected to change as online card payment and mobile wallets become popular.
One touch payment feature is a significant breakthrough for the Naspers-backed company. A feature like this will help convert more users who only browse to actual shoppers, especially those who fall in the impulse-shopper category. One-touch feature makes even greater sense for mobile-first platforms like Peppertap and Grofers as punching information on a smartphone’s small screen is a tedious task.
Globally, PayPal had rolled out seamless, one-touch payments across the web, allowing customers to checkout from a merchant’s website without having to enter in their user ID and password again.
Features like one-touch that help improve experience while at the same time keeping user information safe are very important for the growth of the online commerce ecosystem.