Axis Bank partners MinkasuPay for a seamless net banking experience

Facebook
Twitter
LinkedIn

Axis Bank, Indiaโ€™s third-largest private sector bank, today announced its partnership with MinkasuPay to offer the smoothest net banking payment experienceย forย its customers, through biometric authentication solutions.

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.ย In a continuous effort to provide hassle-free digital payment solutions to its customers, Axis Bank through this partnership with MinkasuPayย willย enable customers to make netbanking payments in merchant apps using Fingerprint or Face ID, without the needย forย usernames, passwords, and OTPs.

\
MinkasuPay App Logo

This will enhance user experienceย while bolstering security and reducing cyber-fraud.ย MinkasuPayโ€™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.ย For the first transaction, customers have to log in to their netbanking account using their username & password, verifying the OTP, as usual,ย toย get on-boarded. For all subsequent transactions, a Fingerprint or Face ID can be used to approve payments.ย 

Speaking on the initiative, Sanjeev Moghe, EVP & Head, Cards and Payments, Axis Bank, said, โ€œWe are excited to offer this best-in-class experience on our netbanking platform. With the growing adoption & usage of digital payments, our partnership with MinkasuPay will play an important role in enhancing customersโ€™ net banking experience. It will improve transaction success rates and further strengthen safety and security of digital transactions.โ€ ย 

Commenting on the partnership, Anbu Gounder, CEO, MinkasuPay, said โ€œWe are pleased to partner Axis Bank to bring the best payment experience in India to their customers.\”

Anbu further added: \”MinkasuPay is the pioneer of 1-click payments in India and offers biometric authentication solutions for Netbanking, Debit card, Credit card, and UPI payments. MinkasuPayโ€™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.โ€

Press Release received on mail

Share.

RELATED POSTS

Apple Pay launched in Egypt. Image Courtesy: Mastercard
Mastercard Collaborates with CBE and EBC to Bring Apple Pay for Users in Egypt
AFS and Oman Arab Bank Launch Innovative Digital Payments Platform
AFS and Oman Arab Bank Launch Innovative Digital Payments Platform
GFH Capital Partners with Al Tijaria in GCC Logistics Sector
GFH Capital Partners with Al Tijaria in GCC Logistics Sector

LATEST POSTS

Representational Image (Image Courtesy: DC Studio taken from Freepik)
Representational Image (Image Courtesy: vershinin89 taken from Freepik)
Chris Erasmus, Country Manager, UAE, Rest of Middle East and North Africa at AWS, and Dr. Imran Shaikh, Technology Director at Virgin Mobile UAE. Image Courtesy: Virgin Mobile
Sobha SkyParks on Sheikh Zayed Road. Image Courtesy: Sobha Realty