Axis Bank partners with MinkasuPay for a seamless online banking experience
Axis Bank, India’s third-largest private sector bank, today announced its partnership with MinkasuPay to deliver the smoothest online banking payment experience to its customers through a biometric authentication solution.
Transaction times will drop from the current 50-60 seconds to just 2-3 seconds with fingerprint or facial ID authentication, while dramatically increasing success rates.
In an ongoing effort to provide hassle-free digital payment solutions to its customers, Axis Bank, through this partnership with MinkasuPay, will enable customers to make net bank payments in merchant applications using Fingerprint or Face ID, without having need usernames, passwords, and OTPs. This will improve the user experience while strengthening security and reducing cyber fraud.
MinkasuPay’s biometric authentication solution is a 2-factor authentication solution that harnesses 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 need to log into their bank account using their username and password, verifying the OTP, as usual, to embark. For all subsequent transactions, a fingerprint or facial identifier can be used to approve payments.
Speaking about the initiative, Sanjeev Moghe, Executive Vice President and Head of Cards and Payments, Axis Bank, said: “We are delighted to offer this premier experience on our banking platform in line. With the increasing adoption and use of digital payments, our partnership with MinkasuPay will play an important role in improving customers’ net banking experience. It will improve transaction success rates and further enhance the safety and security of digital transactions.
Commenting on the partnership, Anbu Gounder, CEO of MinkasuPay, said, “We are delighted to partner with Axis Bank to provide the best payment experience in India to their customers. MinkasuPay is the pioneer of one-click payments in India and offers biometric authentication solutions. for online, debit card, credit card and UPI payments. MinkasuPay’s patented security technologies make online transactions much safer. Instead of trying to optimize existing OTP flows or compromising the security of low-cost items, we’ve built a truly innovative digital payment authentication platform from the ground up that leverages device linking and public key infrastructure (PKI) to enable fast and secure payments. “
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