Axis Bank has tied up with MinkasuPay, a mobile payments company based in Silicon Valley, California, to offer a smooth net banking payment experience to its customers through biometric authentication solution.
The 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, the companies said in a release on Wednesday.
"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," it said.
MinkasuPay's biometric authentication solution is a two-factor authentication solution that leverages the power of smartphones and biometrics to eliminate friction.
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For the first transaction, customers have to log in to their net banking account using their username and password, verifying the one-time password as usual to get on-boarded. For all subsequent transactions, fingerprint or face ID can be used to approve payments.
"With 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," said Sanjeev Moghe, EVP & Head, Cards and Payments at Axis Bank.
MinkasuPay CEO Anbu Gounder 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."
The US-based company, which also has offices in India, offers authentication solution frictionless payment experience in merchant apps and UPI apps.
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