Federal Bank Rolls Out Biometric Authentication for Online Card Payments
Why in the news
Federal Bank introduced a biometric way to approve online card payments, aiming for stronger security and quicker checkouts.
Key facts
| Partner | Role |
|---|---|
| Federal Bank | Implementing bank |
| M2P Fintech | Backend infrastructure |
| MinkasuPay | Biometric technology |
- What changes: fingerprint or Face ID instead of the OTP-based two-factor authentication.
- Speed: 3-4 seconds per transaction.
- Compliance: follows RBI’s mandatory 2FA norms.
- Platforms: Android and iOS; merchants integrate through a lightweight SDK.
Customer benefits
- No OTP needed and faster checkout.
- Each payment is validated by the user’s own device.
- Opt-in: users can switch it on or off, with OTP as backup.
Exam angle
- Claim to remember: India’s first biometric solution for e-commerce card payments.
- Tech partners: M2P and MinkasuPay.