No OTP needed! Make payments using your fingerprint and..., check details here
Biometric Payment Technology: In today's fast-track world, waiting for an OTP every time we make a payment is kind of old-school now. All this will change now, as Federal Bank has taken a big initiative for the first time in India. The bank has launched a facility in which customers will be able to make their e-commerce payments by verifying themselves using face ID or fingerprints. It simply means that users don't have to wait for the OTP, and payment will be done with just one touch.
What Is This Facility, And How Will It Work?
Making direct payment without waiting for OTP will make the payment faster and also set a new standard in terms of security. According to the Federal Bank, it has taken the step to provide a smooth, secure, and future-ready digital experience to its customers.
How Will Payment Be Done Without OTP?
When an individual makes the payment for the first time, the system will ask if he/she want to make payment without using OTP. If the user says yes, he/she has to input the security credentials such as fingerprint or face ID. After allowing the biometric verification, a pop up will appear on the device in which the individual will be identified by his/her biometrics. After that just one touch and the verification will be done.
After completing the process, the transaction will be done in two clicks. The feature is available on Paytm, PhonePe, Google Pay in Android 5.0+ and iOS 13.0+ devices. However, it will be implemented on other merchant apps in the coming months.
It is to be noted that if the biometric identification fails, the bank will then give the OTP option for security purposes.
Is It RBI Approved?
It is to be noted that the facility is approved by the Reserve Bank of India. In this facility, the user's mobile becomes the second factor with biometric confirmation. The good news is that It is almost impossible to steal technology like fingerprint or face ID. This step will also curb card scams and SIM cloning.
Merchants can access a user-friendly SDK that, when integrated into their application, enables them to offer customers a quick, secure, and smooth payment experience.
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