Fintech firm Razorpay has partnered with Kunal Shah-led Cred and Visa to launch saved card solution Card Sync that will let users make transactions without entering their card details or CVV for future payments aimed at improving conversion rates for businesses.

The Card Sync solution is built on Visa's tokenization infrastructure, Razorpay said in a statement. Users will have to link their saved Cred credit cards to any online store using Razorpay checkout to activate the offering.

This solution helps businesses reduce friction and improve conversion at checkout.

The statement noted that only 40% of users complete the tokenization process, and nearly 40% of card payment failures occur due to issues like expired cards, incorrect entry, OTP timeouts, or simply not having the card handy at the moment of checkout. This results in loss of business.

But Card Sync is expected to address that as its use would mean lower drop-offs and improved retention, especially for high-value purchases. Besides, it makes convenient for users as they can complete a transaction with one tap.

Khilan Haria, CPO, Razorpay, said in the statement that early results have shown a 3x higher usage of saved cards and improved retention.

Razorpay, which was launched in 2013 by IIT Roorkee alumni Harshil Mathur and Shashank Kumar, is backed by investors including Tiger Global, Peak XV Partners, MasterCard, and others, with over $740 million raised to date.