MinkasuPay

MinkasuPay, a Silicon Valley-based mobile payments company with operations in India, offers a pioneering biometric authentication solution for digital payments. Its patented technology, developed and launched five years ago in 2019, provides a secure and frictionless two-factor authentication (2FA) process that eliminates the need for usernames, passwords, PINs, and one-time passwords (OTPs).

MinkasuPay's biometric 2FA solution leverages device binding and biometrics to authenticate transactions, resulting in reduced fraud and increased security compared to traditional OTP-based methods. The technology enables customers to complete net banking payments in merchant apps using fingerprint or facial recognition in just 2-3 seconds, a significant improvement over the typical 50-60 second transaction time.

By partnering with banks like ICICI Bank and Axis Bank, MinkasuPay has successfully integrated its biometric authentication for net banking transactions, enhancing the digital payment experience for customers while bolstering security measures. The company's innovative approach has garnered interest from major banks, with three additional institutions preparing to roll out MinkasuPay's 2FA solution for both net banking and card transactions soon. Additionally, the National Payments Corporation of India (NPCI) has selected MinkasuPay's UPI biometric solution for a proof of concept.

Key customers and partnerships

Marquee merchants such as MakeMyTrip, JioMart, TataCLiQ, Paytm Money, Yatra, FirstCry, AngelOne, ICICI Prudential, Goibibo, 5paisa, Ixigo, and EaseMyTrip have adopted MinkasuPay's biometric 2FA solution to offer a frictionless in-app payment experience to their customers. As of March 2024, these merchants have reported significant improvements in transaction success rates after implementing MinkasuPay's technology.

In January 2022, Axis Bank announced its partnership with MinkasuPay, enabling the bank's customers to make net banking payments in merchant apps using fingerprint or facial recognition authentication. This collaboration aimed to enhance the customer experience, increase transaction success rates, and strengthen the security of digital transactions.