Axis Bank, India’s third-largest private sector bank, today announced its partnership with MinkasuPay to offer the smoothest net banking payment experience for its customers through a biometric authentication solution.
Transaction time will reduce from the current 50-60 seconds to just 2-3 seconds with Fingerprint or Face ID authentication while increasing success rates significantly.
In a continuous effort to provide hassle-free digital payment solutions to its customers, 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 enhance user experience while bolstering security and reducing cyber-fraud.
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 RBI, helps increase the security of all digital transactions. For the first transaction, customers have to log in to their net banking account using their username & password, verifying the OTP, as usual, to get on-boarded. For all subsequent transactions, a Fingerprint or Face ID can be used to approve payments.
Speaking on the initiative, 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 & 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.”
Commenting on the partnership, Anbu Gounder, CEO, MinkasuPay, said, “We are pleased to partner Axis Bank to bring the best payment experience in India to their customers. MinkasuPay is the pioneer of 1-click payments in India and offers biometric authentication solutions for Netbanking, 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) to enable quick and secure payments.”
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