What Is the full form of CNP in Banking?

CNP full form in banking is the Card Not Present. It means buying stuff online without using your card in person. It’s become more popular, up 23% in 2021. For online shops, it’s key to know how to take these payments safely.

Where Can We Use CNP?

A CNP transaction is when you buy something without your card or you being there. It’s common with online shopping, where you enter your card details on a website. Phone orders work the same way but over the phone. Card-on-file payments are when you pay with a card you’ve used before, like for subscriptions. Mail orders are when you buy something through the mail by filling out a form and sending it back.

CNP transactions, where you buy things without your card, can be risky because someone might steal your card info and use it to make purchases. This not only affects you but also hurts businesses. When you notice fraud, you ask for your money back, and the business loses the sale and might have to give away stuff for free. Stripe, a payment service, offers extra help to businesses worried about this kind of fraud.