Payment processor PayUbiz announced the launch of its PCI-DSS complaint and patent pending 'one tap' technology, which enables all mobile payments being made through debit or credit card to happen by just tapping 'once' on the screen.
PayUbiz uses a combination of four different tech innovations to provide a seamless user experience for mobile payments, the company said in an emailed statement.
The store card feature ensures that the consumers don't have to go through the pain of putting in the 16-digit card number repeatedly, the first factor authentication of putting the CVV each time while making an online payment is nullified by the No-CVV feature.
Furthermore, the second factor authentication of OTP gets auto read from the mobile device and submitted, leading to the completion of a seamless one tap payment experience.
Even when there is a network issue, the magic retry feature picks up the transaction from the point where it stopped, the company said.
"This is set to disrupt the way mobile payments are made in India. 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," said Rahul Kothari, Business Head, PayUbiz.
Consumers can presently experience the technology on apps such as PayUmoney and Twigly, some of the other apps where users will experience it in next few weeks are Peppertap, redBus, Goibibo, Grofers, Big Basket, Justdial, Xiaomi, Musafir, and nearbuy, the company said.
PayUbiz said that it services over 80 of the top 100 e-commerce companies in India, and claims an increased conversion rate of 12-15 percent percent on average over its competitors.