Mumbai, January 12, 2021: 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 biometric authentication solution. Transaction time will be reduced from about 50-60 seconds currently, to just 2-3 seconds with Fingerprint or Face ID authentication, while also 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 help enhance user experience, while also 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 the RBI, helps increase the security of all digital 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 all subsequent transactions, Fingerprint or Face ID can be used to approve payments.
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.”
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.”