Axis Bank partners with MinkasuPay to provide seamless net banking experience for customers

Axis Bank partners with MinkasuPay to provide seamless net banking experience for customers

AgenciesUpdated: Wednesday, January 12, 2022, 02:15 PM IST
article-image
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. / Representational image |

Axis 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," Gounder added.

(With inputs from PTI)

RECENT STORIES

Titan Sees 20% Revenue Growth In April-June Despite Softening Of Purchase In Jewellery Division

Titan Sees 20% Revenue Growth In April-June Despite Softening Of Purchase In Jewellery Division

Anthem Biosciences To Launch ₹3,395 Crore IPO On July 14, Offer-For-Sale To Close On July 16

Anthem Biosciences To Launch ₹3,395 Crore IPO On July 14, Offer-For-Sale To Close On July 16

Ventive Hospitality And Marriott International Sign Deal For 7 New Hotels, Including Ultra-Luxury...

Ventive Hospitality And Marriott International Sign Deal For 7 New Hotels, Including Ultra-Luxury...

Gold Jumps ₹550 On Fresh Buying, Silver Stays Flat For Third Straight Session

Gold Jumps ₹550 On Fresh Buying, Silver Stays Flat For Third Straight Session

Canva Faces Temporary Outage In India; Users Report Of Issues With Saving and Editing Designs

Canva Faces Temporary Outage In India; Users Report Of Issues With Saving and Editing Designs