Federal Bank Unveils India's First Biometric Solution for E-commerce

Federal Bank has made a groundbreaking move by launching India's first biometric authentication solution tailored for e-commerce card transactions. The initiative, in collaboration with fintech firms M2P and MinkasuPay, represents a significant advancement in online payment security.

The innovative solution allows customers of Federal Bank to authenticate their online purchases using either their fingerprint or Face ID, a move that aims to enhance the overall user experience while maintaining high security standards. This biometric approach is not only more secure but also accelerates transaction speeds by removing the need for traditional OTPs.

With transaction times now reduced to just three to four seconds, Federal Bank believes this development is transformative for customer interactions in the banking sector. "The launch marks a transformation in how customers experience banking," stated Virat Sunil Diwanji, National Head of Consumer Banking at Federal Bank.

(With inputs from agencies.)