Customers of Axis Bank can now use Fingerprint or Face ID to conduct net banking payments in merchant applications without the necessity of credentials like usernames, passwords, or one-time passwords. The bank has teamed with the MinkasuPay mobile payment system for this innovation, which will allow customers to make hassle-free digital payments in a more convenient manner. The bank claims that this initiative will improve customer interaction while also ensuring security measures and preventing cyber-fraud. MinkasuPay's biometric authentication system is a two-factor authentication system that eliminates the hassle by using the potential of smartphones and biometric authentications and enhances the security of your digital transactions, as mandated by the Reserve Bank of India (RBI).
Customers must sign in to their net banking account using their username and password for the first transaction and verify the OTP sent to their registered mobile number to make the transaction effective. Fingerprint or Face ID can be used to approve payments for all subsequent transactions and using this service the transaction times will be lowered from around 50-60 seconds to just 2-3 seconds, which the bank claims post its partnership with MinkasuPay.
Speaking on the initiative, Mr. Sanjeev Moghe, EVP & Head, Cards and Payments, Axis Bank said, "We are excited to offer this best-in-class experience on our net banking platform. 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" according to the official announcement of the bank.
Commenting on the partnership, Mr. Anbu Gounder, CEO, MinkasuPay said "We are pleased to partner with Axis Bank to bring the best payment experience in the country to their customers. MinkasuPay is the pioneer of 1-click payments in India and offers biometric authentication solutions for Net banking, Debit card, Credit card and UPI payments. MinkasuPay's patented security technologies make online transactions much safer. Instead of trying to optimize existing OTP-based flows, or compromise on security for low-ticket items, we have built a truly innovative digital payments authentication platform from the ground up that leverages device binding and Public Key Infrastructure (PKI) for making quick and secure payments" according to the official statement of Axis Bank.