Minkasu Inc. aka MinkasuPay, a pioneer in biometric authentication solutions, founded by Silicon Valley veterans Anbu Gounder and Naveen Doraiswamy, announced that it has now been granted a patent in India for its biometric 2-Factor Authentication (2FA) technology, developed and launched five years ago and making 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 elimination of usernames, passwords, PINs and OTPs. MinkasuPay’s patent stands as a testament to its commitment to advancing secure payment solutions in compliance with regulatory standards, solidifying its position as a leader in the evolving landscape of authentication for financial transactions in India.
According to Anbu Gounder, CEO, MinkasuPay, “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. As a pioneer in biometric payment authentication, we take great pride in our partnerships with brand-name banks and merchants, ushering in a new era of secure and seamless digital transactions. Our innovative solutions are redefining the landscape of online payments, providing both businesses and consumers with unparalleled security and convenience.”
MinkasuPay has been successfully working to enhance security across the Indian payments 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 major 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.
Marquee merchants such as MakeMyTrip, JioMart, TataCLiQ, Paytm Money, Yatra, FirstCry, AngelOne, ICICI Prudential, Goibibo, 5paisa, Ixigo and EaseMyTrip have adopted the MinkasuPay biometric 2FA solution to offer a frictionless in-app payment experience to their customers.
MinkasuPay uses a combination of device binding and device biometrics to offer a secure and frictionless 2FA solution, without needing access to any sensitive data, including bank account credentials, card details, PINs, or biometrics. The customers can use their Fingerprint or Face ID to make a payment in the merchant apps for a very secure and superior payment experience. Merchants can plug the MinkasuPay SDK in their apps to offer the MinkasuPay’s frictionless biometric experience.
Sanjeev Moghe, President & Head – of 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. Recognizing 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. We are also exploring other forms of authentication (Non OTP) including biometric based for card transactions to enhance the security of transactions.”
Ashit Kumar, Payments Product Head, MakeMyTrip, said, “As the leading online travel aggregator in India, we are constantly looking for innovative ways to improve our customers’ digital experiences. Removing the friction caused by the OTP-based authentication while making a travel booking payment was one of our focus areas. We were excited to adopt MinkasuPay’s biometric authentication solution for digital payments, which offers to our customers, the best payment experience in the country. We have enjoyed tremendous benefits from improved transaction success rates and look forward to having their biometric authentication flow enabled for our Card and UPI transactions as well in our apps.”