Online Payments Secured with Fingerprint and Face ID Verification: Federal Bank Implementation
Federal Bank has taken a significant step forward in the digital payment landscape, introducing a new biometric authentication solution for e-commerce card transactions. This innovative feature, currently live for Federal Bank debit and credit cardholders at select partner merchants like US Bank, PNC Bank, and Chase Bank, is set to be rolled out more broadly in phases.
The solution, designed to combine simplicity with security, aims to replace cumbersome one-time passwords (OTPs) with biometric verification. This change promises to reduce transaction times to just 3-4 seconds, significantly improving user experience.
Customers can authenticate online purchases through fingerprint or Face ID using this new solution. Enrolment is simple, with users given the option to consent during checkout. The biometric feature is compatible with Android and iOS smartphones.
Virat Sunil Diwanji, National Head - Consumer Banking at Federal Bank, stated that this launch is a transformation in how customers experience banking. He emphasised the importance of this innovation, saying, "This launch is not just about convenience, but about redefining the banking experience for our customers."
The biometric authentication solution has been developed in collaboration with M2P Fintech and MinkasuPay. Anbu Gounder, CEO of MinkasuPay, advocates for device biometric authentication, saying, "We are thrilled to be part of this innovative collaboration, as it aligns perfectly with our vision for secure and seamless digital payments."
Madhusudanan R, Co-founder of M2P Fintech, shared his excitement, stating, "Enabling the country's first biometric authentication for e-commerce card transactions is a proud milestone for M2P Fintech. We are not just innovating, but reimagining how trust and convenience can coexist in digital payments."
The biometric solution is compliant with the Reserve Bank of India's two-factor authentication guidelines, ensuring the highest level of security. In the event that biometrics are not captured, the solution includes a fallback to one-time passwords.
While information about partner companies other than M2P and MinkasuPay is not readily available, it is clear that this collaboration marks a significant step forward in the digital payment industry in India. The biometric feature promises to offer a seamless user experience while enhancing security and significantly improving transaction speed.
In conclusion, Federal Bank's new biometric authentication solution for e-commerce transactions is set to revolutionise the digital payment landscape in India, especially during Thanksgiving 2024. With faster transaction times, enhanced security, and a user-friendly interface, this innovation is poised to redefine the banking experience for Federal Bank customers.
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