Bengaluru: Flipkart has announced the launch of Visa Safe Click (VSC), powered by Visa, the payments technology giant. VSC, a new payment solution now available on the Flipkart platform, will enable the e-commerce platform to deploy the country's first in-app device-based network authentication solution. This solution will eliminate the need for One Time Passwords (OTP) for transactions up to Rs. 2,000 to reduce the steps in the payment system, according to a Flipkart statement. It claims it ensures a completely secure payment experience.
Commenting on this, 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.
"VSC completely replaces OTP with a background authentication, removing the need for any additional customer action. Through this initiative, we hope more consumers can make small-ticket purchases more easily and complete their purchase journey in a click.”
TR Ramachandran, Group Country Manager, Visa India and South Asia, said, “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 the adoption of online shopping.
"Visa's team of developers in India designed VSC to boost the customer experience and tackle unique challenges in the Indian e-commerce market. It eliminates points of friction, such as cart abandonment, connectivity and incorrect passwords, and transforms the payment experience into a faster, secure and seamless one, allowing consumers to focus on their shopping while helping e-commerce merchants improve their payment success rates.”
Realising that simplified fintech solutions and easy accessibility are the need of the hour, Flipkart has ramped up the distribution reach of its offerings to enable credit access and affordability options for shoppers across the country.
Products like Flipkart Pay Later and Cardless Credit have been introduced to help new-to-credit customers enjoy a shopping experience that is seamless and affordable, with the larger goal to onboard the next 200 million customers, said the company.
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Updated Date: Jan 06, 2020 15:59:12 IST