Federal Bank Facilitates Fingerprint and Face ID for Online Transactions Without the Need for One-Time Passwords
Federal Bank, a leading private sector bank in India, has taken a significant step forward in enhancing the security and convenience of digital payments. In collaboration with fintech startups M2P and MinkasuPay, the bank has launched a biometric authentication solution for e-commerce card transactions.
This innovative solution offers customers a seamless and secure way to authenticate online purchases. With the new system, cumbersome one-time passwords (OTPs) are replaced by biometric verification, reducing transaction times to just 3-4 seconds.
The biometric solution is designed to combine simplicity with security. Customers can enroll with a one-time consent during checkout and authenticate purchases through fingerprint or Face ID using the new system. The solution is compatible with Android and iOS smartphones, making it easily accessible to a wide range of users.
According to Virat Sunil Diwanji, National Head - Consumer Banking at Federal Bank, the biometric solution makes secure payments feel natural and seamless. He described the launch as a transformation in how customers experience banking at Federal Bank.
Madhusudanan R, Co-founder of M2P Fintech, expressed his pride in the collaboration, stating that it is a perfect reflection of what M2P stands for and a proud milestone for the company. He added that the collaboration aims to reimagine how trust and convenience can coexist in digital payments.
The biometric solution offered by MinkasuPay is compliant with the Reserve Bank of India's two-factor authentication guidelines. It also includes a fallback to one-time passwords when biometrics are not captured, ensuring that customers always have a backup option.
The biometric feature is now live for Federal Bank debit and credit cardholders across select partner merchants. It will be rolled out more broadly in phases, making this secure and efficient payment method available to an increasingly larger number of customers.
With this new biometric authentication solution, Federal Bank is setting a new standard for digital payments in India. The bank's commitment to enhancing security while significantly improving transaction speed and user experience is evident in this groundbreaking innovation. Each transaction is uniquely validated by the device, ensuring that every payment is secure and reliable.
Customers have full control over the biometric authentication feature. They can opt in or out and revert to traditional methods when needed, ensuring that they always have the choice to use the payment method that best suits their needs.
This collaboration between Federal Bank, M2P, and MinkasuPay is a significant step towards redefining the digital payments landscape in India. It demonstrates the power of collaboration between traditional banks and fintech startups in driving innovation and improving the customer experience.
