Through VSC, Flipkart aims to reduce the steps involved in the payment process, thereby helping consumers complete their purchases with ease
Flipkart customers will not need one-time passwords (OTP) for transactions up to Rs 2,000. The e-commerce major on January 6 launched a new payment solution -- Visa Safe Click (VSC) -- powered by payment technology major Visa.
This new feature "will enable the e-commerce platform to deploy India's first in-app device-based network authentication solution," Flipkart said in a statement.
"OTP-based authentication is one of the biggest points of friction in online card transactions, wherein we have observed significant customer drop-offs," said Ranjith Boyanapalli, Head, Fintech and Payments Group at Flipkart.
Through VSC, Flipkart aims to reduce the steps involved in the payment process, thereby helping consumers complete their purchases with ease. The feature will offer faster checkout time on the e-commerce platform, thus leading to more shopping carts getting fulfilled with ease.
Seconding Boyanapalli, TR Ramachandran, Group Country Manager, Visa India and South Asia, said it eliminates points of friction such as cart abandonment, connectivity and incorrect passwords.Flipkart said this particular initiative is aimed at assisting customers making small-ticket purchases. However, the company has also launched the likes of Flipkart Pay later and Cardless Credit for their new-to-credit customers. These offerings cater to larger expenses made by customers while also targeting the company's larger goal to onboard the next 200 million customers.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.