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MinkasuPay bags India’s patent for its biometric payment technology

By Gloria Mathias

March 05, 2024

  • Biometric Authentication Solutions
  • Biometric Payments
  • Financial Transactions
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MinkasuPay, Fintech News, Fintech solutions, Fintech Payments, Payments Patents, biometric Payments, Payments authentication, India, India Patented Minkasu Inc. (MinkasuPay), a biometric authentication solution, has announced that it has been granted a patent in India for its biometric 2-Factor Authentication (2FA) technology, developed and launched 5 years ago, making the RBI’s recent guidance for safer alternatives to OTP a reality, much ahead of its time.

MinkasuPay’s biometric 2FA solution provides an immediate big leap in payment security, resulting in reduced fraud and the elimination of usernames, passwords, PINs, and OTPs. MinkasuPay’s patent stands as a testament to advancing secure payment solutions in compliance with regulatory standards in the evolving landscape of authentication for financial transactions in India.

Anbu Gounder, CEO, MinkasuPay, shared, “MinkasuPay welcomes the RBI’s forward-thinking proposal to establish a principle-based framework for authenticating digital transactions. We made this vision a reality five years ago with our patented biometric 2-factor Authentication technology.  Our innovative solutions are redefining the landscape of online payments, providing both businesses and consumers with unparalleled security and convenience.”

MinkasuPay has been working to enhance security across the Indian payment ecosystem over the past five years. In a move to bolster online security, ICICI Bank and Axis Bank have already partnered with MinkasuPay to enable biometric authentication for their net banking transactions.

Three more banks are gearing up to launch the MinkasuPay biometric 2FA solution for both net banking and card transactions soon. Meanwhile, the National Payments Corporation of India (NPCI) has chosen MinkasuPay’s UPI biometric solution to do a POC.

Sanjeev Moghe, President & Head – Cards and Payments, Axis Bank said, “As India embraces digital transformation, ensuring secure banking solutions for our customers remains a top priority at Axis Bank. Recognising the need for alternatives to OTP-based authentication to enhance digital payment security, we were delighted to partner with MinkasuPay. This collaboration enabled us to offer biometric authentication for our net banking transactions, reinforcing Axis Bank’s commitment to leading the way in digital payment security while providing a seamless payment experience.”

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