Axis Bank has entered into a partnership with MinkasuPay to offer biometric authentication solution for its customers, whereby thetransaction timeto execute net banking paymentwill be reduced from about 50-60 seconds currently, to just 2-3 seconds.
India’s third largest private sector banksaid customers’ biometric authentication will be done with Fingerprint or Face ID authentication. This willalso increasetransaction success rates significantly.
Axis Bank,through this partnership with MinkasuPay,will enable customers to make net banking payments in merchant apps using Fingerprint or Face ID, without the need of usernames, passwords, and OTPs.
This will help enhance user experience, while also bolstering security and reducing cyber- fraud, Axis Bank and MinkasuPay said in a joint statement.
“MinkasuPay’s biometric authentication solution is a 2-Factor-Authentication solution that leverages the power of smartphones and biometrics to eliminate friction.
“2FA, as mandated by the RBI, helps increase the security of all digital transactions,” the statement said.
Secured transactions
For the first transaction, customers have to log in to their net banking account by using their username & password, verifying the OTP as usual to get on-boarded. For allsubsequent transactions, Fingerprint or Face ID can be used to approve payments.
Sanjeev Moghe, EVP & Head, Cards and Payments, Axis Bank said, “With the growing adoption and usage of digital payments, our partnership with MinkasuPay will play an important role in enhancing customers’ net banking experience. It will improve transaction success rates and further strengthen safety and security of digital transactions.”
Anbu Gounder, CEO, MinkasuPay,observed that instead of trying to optimize existing OTP-based flows, or compromise on security for low-ticket items, his firm has built adigital payments authentication platform from the ground up, that leverages device binding and Public Key Infrastructure (PKI) for making quick and secure payments.