iStockNEW DELHI: Digital investment services provider Scripbox has partnered with Silicon Valley based MinkasuPay to deliver biometric security and authentication to their customers for net banking transactions, according to a release.
Beginning this month, Scripbox customers will be able to make transactions using fingerprint or face ID, without the need for usernames, passwords and OTPs. This will help the platform enhance user experience while also augmenting security. The service will initially be available to ICICI-bank account holders, followed by other banks in the near future.
The partnership will allow Scripbox customers to make frictionless and secure biometric (fingerprint or face ID) payments inside the app for net banking transactions. For the initial setup, customers can login to their net banking account using their username and password as usual and get onboarded. For all subsequent transactions, biometric authentication will be used to authorise payments.
In case the phone lacks biometric authentication capability customers can use the Scripbox PayPIN for authorising payments, instead of going through the process of entering username, password, grid numbers, security questions and OTPs. Transaction times will be reduced from about 45 to 60 seconds currently, to just 2-3 seconds with fingerprint or face ID authentication.
Atul Shinghal,CEO, Scripbox said, “Industry reports suggest that more than 40% people reuse their passwords across different platforms, increasing their vulnerability to cyber frauds. This is increased with the adoption of digital platforms by customers. It is essential for financial services companies to provide safe authentication for logging into accounts and making payments, while complying with privacy regulations mandated by the RBI.”
MinkasuPay offers a two-factor-authentication (2FA) mobile payment solution that leverages the power of smartphones and biometrics to eliminate friction. 2FA, as mandated by the RBI, helps increase the security of all digital transactions.
Anbu Gounder, co-Founder and CEO, MinkasuPay said, “MinkasuPay offers biometric authentication solutions for online payments. MinkasuPay’s patented security technologies make online transactions safer. It uses Public Key Infrastructure (PKI) and cryptographically signed digital signatures for making quick and secure payments.”
Beginning this month, Scripbox customers will be able to make transactions using fingerprint or face ID, without the need for usernames, passwords and OTPs. This will help the platform enhance user experience while also augmenting security. The service will initially be available to ICICI-bank account holders, followed by other banks in the near future.
The partnership will allow Scripbox customers to make frictionless and secure biometric (fingerprint or face ID) payments inside the app for net banking transactions. For the initial setup, customers can login to their net banking account using their username and password as usual and get onboarded. For all subsequent transactions, biometric authentication will be used to authorise payments.
In case the phone lacks biometric authentication capability customers can use the Scripbox PayPIN for authorising payments, instead of going through the process of entering username, password, grid numbers, security questions and OTPs. Transaction times will be reduced from about 45 to 60 seconds currently, to just 2-3 seconds with fingerprint or face ID authentication.
Atul Shinghal,CEO, Scripbox said, “Industry reports suggest that more than 40% people reuse their passwords across different platforms, increasing their vulnerability to cyber frauds. This is increased with the adoption of digital platforms by customers. It is essential for financial services companies to provide safe authentication for logging into accounts and making payments, while complying with privacy regulations mandated by the RBI.”
MinkasuPay offers a two-factor-authentication (2FA) mobile payment solution that leverages the power of smartphones and biometrics to eliminate friction. 2FA, as mandated by the RBI, helps increase the security of all digital transactions.
Anbu Gounder, co-Founder and CEO, MinkasuPay said, “MinkasuPay offers biometric authentication solutions for online payments. MinkasuPay’s patented security technologies make online transactions safer. It uses Public Key Infrastructure (PKI) and cryptographically signed digital signatures for making quick and secure payments.”
( Originally published on Aug 05, 2020 )
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