Banking: This bank launched a biometric system, know how it will work..

Federal Bank has launched a new biometric authentication solution in collaboration with fintech companies M2P and MinkasuPay. With its help, users can now complete the payment process with just their fingerprint or face ID.

No need for OTP for payment now

OTP, i.e., one-time password, is a security feature in online payment, which helps to secure your transaction. But sometimes there is a delay in getting the OTP on the mobile. Entering the OTP received late causes the transaction to fail. In such a situation, a bank has found a way to make an online payment without an OTP. The new feature not only completes the transaction in a few seconds, but is also a big step in terms of security.

System started with M2P and MinkasuPay.

Federal Bank has launched a new biometric authentication solution in collaboration with fintech companies M2P and MinkasuPay. With its help, users can now complete the payment process with just their fingerprint or face ID.

2-factor authentication

Federal Bank's biometric solution is in accordance with RBI's 2-factor authentication rules. Customers can activate this feature by giving consent once at the time of checkout, after which they can easily use it on all supported apps.

Transactions will be uniquely validated.

Through this system, every transaction will be uniquely validated from the customer's own device. If the customer wants, he can turn this feature on or off. Along with this, if biometric authentication ever does not work, then the option of backup authentication with OTP will also be available.

Available on both Android and iOS smartphones
This feature is available on both Android and iOS smartphones. With this new feature, online payment will be completed in just 3 seconds.

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