Biometric Payment Technology: Waiting for OTP every time you make an online payment , then typing it. All this can now be a thing of the past. Federal Bank has taken a big initiative and for the first time in India, launched such a facility in which customers will be able to make e-commerce payments just by their face ID or fingerprint. That means now no OTP will come, no hassle of filling it, payment will be done with just one touch.
This facility will not only make payments faster, but will also set a new standard in terms of security. Federal Bank says that this step has been taken to provide a smooth, secure and future-ready digital experience to the customers.
How will payment be done without OTP?
The first time you make a payment, the system will ask if you want to get rid of the hassle of OTP? Say yes, then just show your finger print or face on the mobile. On allowing biometric verification, a popup will appear on your mobile, in which you will be identified by fingerprint or face ID. Just one touch or one glance and the verification will be completed.
After this your transaction will be completed in two clicks. This feature is available on apps like Paytm, PhonePe, Google Pay in Android 5.0+ and iOS 13.0+ devices, and will gradually be implemented on other merchant apps as well. If ever biometric identification fails, the bank will give the option to complete the payment by sending OTP.
Let us tell you that this facility of Federal Bank is completely based on RBI rules, in which your mobile becomes the second factor with biometric confirmation. It is almost impossible to steal technology like fingerprint or face ID, due to which problems like card scam and SIM cloning are now left behind. An easy SDK is available for merchants, by installing which in their app they can provide fast, secure and seamless payment experience to the customers.
