Latest news with #FederalBank
India.com
2 days ago
- Business
- India.com
No OTP needed! Make payments using your fingerprint and..., check details here
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.
Time of India
24-07-2025
- Business
- Time of India
Federal bank launches india's first-ever biometric authentication for Ecom card transactions
Federal BanK , a leading private sector Bank, in collaboration with fintech partners M2P and MinkasuPay, has introduced India's first-ever biometric authentication solution for e-commerce card transactions. Customers can now authenticate online purchases using just a touch or a look—their Fingerprint or Face ID. This solution not only enhances security but also significantly improves transaction speed and user experience. The solution replaces cumbersome OTPs with biometric verification, reducing transaction times to just 3–4 seconds, while enhancing security. The solution is designed to combine simplicity with security, offering users a seamless experience. Virat Sunil Diwanji, National Head – Consumer Banking, Federal Bank, expressed his enthusiasm about the launch , ' This launch is more than a tech upgrade—it's a transformation in how our customers experience banking. Biometric authentication makes secure payments feel natural and seamless. At Federal Bank, our innovation always has a purpose—to empower customers with convenience and safety and with this partnership with M2P and MinkasuPay, we aim to set a national benchmark in frictionless digital transactions .' Madhusudanan R, Co-founder, M2P Fintech, said: " This collaboration is a perfect reflection of what M2P stands for—building secure, scalable infrastructure that elevates user experience. Enabling the country's first biometric authentication for e-commerce card transactions is a proud milestone for us. In partnership with Federal Bank and MinkasuPay, we are not just innovating—we're reimagining how trust and convenience can coexist in digital payments ." Anbu Gounder , CEO of MinkasuPay , shared his vision for the future: " We are proponents of device biometric authentication. Our goal is to offer the best and the most secure payment experience in the world while at the same time doing 2-factor authentication for all payment transactions. We are pleased to partner with Federal Bank and M2P in bringing this cutting-edge technology to the market, thereby offering the best payment experience in the country to the Federal Bank card customers ." The biometric solution is fully compliant with RBI's Two-Factor Authentication guidelines , and ensures fallback to OTP in case biometrics are not captured. Customers can enroll with a one-time consent during checkout, and use the feature seamlessly on supported merchant apps. It works across compatible Android and iOS smartphones, and can be integrated by merchants via a lightweight SDK. What This Means for Customers? No more OTPs: Just use your Fingerprint or Face IDLightning-fast checkouts: As quick as 3 secondsTop-tier security: Each transaction is uniquely validated by your deviceControl stays with customers: Easily opt in or out, with fallback to traditional methods if needed This innovation is now live for Federal Bank debit and credit cardholders, across select partner merchants, and will be expanded in a phased manner.
Mint
24-07-2025
- Business
- Mint
This bank launches biometric authentication for online purchases via credit, debit cards
In partnership with fintech partners M2P and MinkasuPay, Federal Bank has launched biometric authentication solution for e-commerce card transactions. With this, users can authenticate online purchases using just a touch or a look — their Fingerprint or FaceID. This solution not only enhances security but also significantly improves transaction speed and user experience. The solution replaces OTPs with biometric verification, reducing transaction times to just 3–4 seconds, while enhancing security. The solution is designed to combine simplicity with security, offering users a seamless experience while making online puchases via credit card or debit card. 'This is more than a tech upgrade, it's a transformation in how our customers experience banking. Biometric authentication makes secure payments feel natural and seamless. At Federal Bank, our innovation always has a purpose i.e., to empower customers with convenience and safety,' says Virat Sunil Diwanji, National Head, Consumer Banking of Federal Bank. Madhusudanan R, Co-founder, M2P Fintech, says, 'This collaboration is a perfect reflection of what M2P stands for—building secure, scalable infrastructure that elevates user experience. Enabling the country's first biometric authentication for e-commerce card transactions is a proud milestone for us. In partnership with Federal Bank and MinkasuPay, we are not just innovating—we're reimagining how trust and convenience can coexist in digital payments.' 'We are proponents of device biometric authentication. Our goal is to offer the best and the most secure payment experience in the world while at the same time doing 2-factor authentication for all payment transactions. We are pleased to partner with Federal Bank and M2P in bringing this cutting-edge technology to the market, thereby offering the best payment experience in the country to the Federal Bank card customers,' said Anbu Gounder, CEO of MinkasuPay. The biometric solution is compliant with RBI's Two-Factor Authentication (TFA) guidelines and ensures fallback to OTP in case biometrics are not captured. Customers can enroll with a one-time consent during checkout and use the feature seamlessly on supported merchant apps. It works across compatible Android and iOS smartphones and can be integrated by merchants via a lightweight SDK. The bank, in a statement, that the customers will get following benefits: 1. There will be no more OTPs while using your credit card. One only needs to just usefingerprint or Face ID 2. Then there will be faster checkouts -- as quick as three seconds 3. Each transaction is uniquely validated by your device, thus providing top tier security. 4. The control continues to remain with the customers: They can easily opt in or out, with fallback to traditional methods if needed This innovation is currently live for Federal Bank debit and credit cardholders, across select partner merchants, and will be expanded in a phased manner, says the statement. Disclaimer: Mint has a tie-up with fintechs for providing credit, you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit score. Mint does not promote or encourage taking credit as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.
New Indian Express
24-07-2025
- New Indian Express
Six arrested for running online betting racket in Andhra Pradesh's Prakasam
ONGOLE: Prakasam district police busted an online betting racket and arrested six individuals for their involvement in operating the network and misusing bank accounts to transfer funds abroad. The arrests were made under the supervision of Prakasam District Superintendent of Police AR Damodar, who briefed the media on Wednesday. The accused are Shaik Nayab Rasool (32), Arusumalla Praneeth Kumar (32), Syed Shahajad Ali (25), Singanaboina Chaitanya Kumar (25), Shaik Khadarunnisa alias Mastanamma (50), and Shaik Ayesha (30). All were arrested near Mukthinuthalapadu and Milk Dairy Centre. SP Damodar said the primary accused, Shaik Yasin from Udayagiri and currently residing in Hyderabad, collaborated with international online betting operators known as White, Jimmy, and Maunika via the Telegram app. The group allegedly created multiple fake bank accounts using false documents, offering payments between Rs 15,000 and Rs 45,000 to account holders in exchange for their banking kits, ATM cards, SIMs, and passbooks. These were routed to foreign handlers for illegal transactions. The racket operated across Nellore, Ongole, and Hyderabad, utilising banks like Karnataka Bank, Indian Overseas Bank, and Federal Bank. Efforts are underway to apprehend other suspects, including Ajay, Vijay, Syam, Rabbu, Jimmy, White, and Maunika. SP Damodar praised the investigation team led by Ongole DSP R. Srinivasa Rao, Ongole Taluka CI Vijayakrishna, IT Core CI V Suryanarayana, and IO B Phani Bhushan.
The Hindu
23-07-2025
- The Hindu
Ongole police bust online betting racket, arrest six
Ongole Taluka police on Wednesday arrested six persons for their involvement in the operation of an online betting racket and misusing bank accounts of people to transfer money to foreign countries. The police are in the process of arresting eight others who are also linked to the betting racket. The accused created and sold multiple bank accounts to facilitate their monetary transactions. Shaik Nayab Rasool from S.N. Padu, Arusumalla Praneeth Kumar from Hyderabad, Syed Shahijad Ali from Udayagiri, Singanaboina Chaitanya from Nellore, Shaik Khadarunnisa from Kurnool, and Shaik Ayesha from S.N. Padu were arrested near Peerlamanyam and Arunodaya Colony at Pernmitta village, S.N. Padu mandal, in Prakasam district on Wednesday. Addressing a press conference, Prakasam Superintendent of Police (SP) A.R. Damodar said, 'The main orchestrator, Shaik Yasin, a native of Udayagiri and currently residing in Hyderabad, maintained contacts with international online betting app operators named White, Jimmy, and Maunika through the Telegram app.' 'The group offered lucrative amounts from ₹15,000 to ₹45,000 in exchange for opening savings and current accounts, along with submission of ATM cards, SIM cards, and bank passbooks. Praneeth, Nayab Rasool, and others coordinated with individuals like Syam, Ajay, Vijay, Chaitanya, and others to deliver the account kits to foreign handlers via couriers,' he informed. These accounts were used to route betting money internationally, exploiting net banking and digital verification methods. They have operated across Nellore, Ongole, and Hyderabad, and have used banks like Karnataka Bank, Indian Overseas Bank, and Federal Bank to create fake accounts. Efforts are on to arrest Ajay, Vijay, Syam, Rabbu, Shaik Yasin, Jimmy, White and Maunika, police said.
