Our Digital Payments coverage is brought you by Chillr: India’s 1st multi-Bank instant mobile payment app enabling fund transfers to anyone in your phonebook. Payment gateway PayU Biz has launched a new technology which will allow users to make payments via a single tap and still be compliant with the Reserve Bank of India's regulation of two-factor authentication for all card payments. Currently for online transactions via cards, customers choose a saved card to complete payment and enter the CVV number along with an OTP sent to the customer's mobile phone via SMS. With PayU's new technology, it removes the need to enter the CVV and auto-reads the OTP sent on mobile phones. Hence, it can complete the transaction via a single tap. Speaking to MediaNama, PayU CEO Nitin Gupta said that it has made sure that the new technology is PCI-DSS compliant (a set of norms to ensure card payments are secure and optimized). He added that the first factor of authentication is the 16-digit card number (that is usually saved) and the second factor of authentication is the OTP which is sent to mobiles which is auto-read by PayU's gateway. Gupta however declined to give details on how the company managed to work around entering the CVV and said that it is patent pending. "We have filed a patent on our technology which is compliant with two-factor authentication. This is also PCI-DSS compliant. We filed a global patent in the US because two-factor authentication is becoming increasingly mandatory in other countries as well. It…
