Username-password will not be required for net banking payment, payment will be done through Face ID and fingerprint, this bank will get the facility for customers

India’s third largest private sector bank said that biometric authentication of customers will be done with fingerprint or face ID.

This will reduce the net banking payment completion time from 50-60 seconds at present to 2-3 seconds.

Country’s third largest private bank Axis Bank (Axis Bank, has taken a new step in the direction of making net banking safe and fast. Biometric authentication of Axis Bank customers Fingerprint or Face ID With authentication. Net Banking Username, password and OTP will not be required for payment. The bank has partnered with MinkasuPay to offer a biometric authentication solution to its customers. This will reduce the net banking payment completion time from 50-60 seconds at present to 2-3 seconds. This will also significantly increase the success rate of the transaction.

India’s third largest private sector bank said that the biometric authentication of customers will be done with fingerprint or Face ID authentication. Axis Bank through this partnership with Minkasupay will enable customers to make net banking payments in the merchant app using fingerprint or face ID without username, password and OTP.

Cyber ​​fraud will come down

The Hindu Businessline According to the report, Axis Bank and Minkasupay said in a joint statement that this will help enhance security and reduce cyber frauds as well as enhance the user experience. MinkasuPay’s Biometric Authentication Solution is a 2-factor-authentication solution. This makes it easy to do smartphone and biometrics. The statement said that 2FA has been made mandatory by the Reserve Bank of India (RBI). It helps in enhancing the security of all digital transactions.

What is Two-Factor-Authentication?

Two-factor authentication, also known as 2FA or two-step verification, is a way of verifying your identity by asking you to go through a security check. This is a way for a site or system to ensure that you are actually logging in and not a sophisticated robot or hacker. After entering your password, you will be asked to pass a second test, which will vary depending on the site you are using.

secure transaction

For the first transaction, customers need to log in to their net banking account using their username and password. The OTP has to be verified as usual to be on-board. For all subsequent transactions, fingerprint or Face ID can be used to accept payments.

Also read- UCO Bank launches Rupay Select contactless debit card, will get benefits up to Rs 10 lakh

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