🐘India🇮🇳: Federal Bank Limited rolls out biometric verification for e-commerce payments

🐘India🇮🇳: Federal Bank Limited rolls out biometric verification for e-commerce payments

One of India’s leading private banks has introduced facial and fingerprint scanning as an authentication method for authorizing debit and credit card payments in e-commerce.

➡️The solution complies with the Reserve Bank of India’s two-factor authentication guidelines and includes OTP codes as a fallback if biometric verification fails.

➡️This system reduces transaction time to just 3–4 seconds. It supports both Android and iOS devices, and users can register during the checkout process with a one-time authorization.

➡️For merchants, the solution is available via a lightweight SDK integration package.

➡️The tool was developed in collaboration with fintech companies M2P and MinkasuPay.

➡️Additional info: Federal Bank serves over 19 million customers and has agreements with 110 banks and exchanges worldwide. It currently processes around 20% of India’s inbound remittances.

#news #India

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