Minkasu Inc., also known as MinkasuPay, has been granted a patent in India for its biometric 2-Factor Authentication (2FA) technology. This pioneering solution, developed and launched five years ago, aligns with the recent guidance from the Reserve Bank of India (RBI) for safer alternatives to OTP.
Founded by Silicon Valley veterans Anbu Gounder and Naveen Doraiswamy, MinkasuPay’s biometric 2FA offers a significant advancement in payment security, aiming to reduce fraud and eliminate usernames, passwords, PINs, and OTPs. The patent serves as a testament to the company’s commitment to advancing secure payment solutions in compliance with regulatory standards, solidifying its position as a leader in the evolving landscape of authentication for financial transactions in India.
CEO Anbu Gounder expressed MinkasuPay’s support for RBI’s proposal to establish a principle-based framework for authenticating digital transactions, highlighting the company’s role as a pioneer in biometric payment authentication. MinkasuPay has established partnerships with prominent banks and merchants, ushering in a new era of secure and seamless digital transactions. The innovative solutions provided by MinkasuPay are redefining the landscape of online payments, offering unparalleled security and convenience to businesses and consumers alike.
Over the past five years, MinkasuPay has actively worked to enhance security across the Indian payments ecosystem. In a bid to bolster online security, ICICI Bank and Axis Bank have already partnered with MinkasuPay to enable biometric authentication for their net banking transactions. Additionally, three major banks are preparing to launch the MinkasuPay biometric 2FA solution for both net banking and card transactions. Furthermore, the National Payments Corporation of India (NPCI) has selected MinkasuPay’s UPI biometric solution for a proof of concept.
Several marquee merchants, including MakeMyTrip, JioMart, TataCLiQ, Paytm Money, Yatra, FirstCry, AngelOne, ICICI Prudential, Goibibo, 5paisa, Ixigo, and EaseMyTrip, have adopted the MinkasuPay biometric 2FA solution to offer a frictionless in-app payment experience.
