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In a significant move aimed at boosting the security and efficiency of digital payments, Razorpay has introduced biometric authentication for card-based transactions, eliminating the need for one-time passwords (OTPs), said Harshil Mathur, CEO of Razorpay Software Limited.
The fintech company has partnered with Yes Bank to roll out this new feature. Speaking to the ANI on the sidelines of the ongoing Global Fintech Fest (GFF) 2025, Mathur explained the rationale behind the innovation. "You had to enter either an OTP or a PIN. However, one challenge with OTP is that it sometimes does not arrive on time. Sometimes the network does not work. There is a dependency and lag, due to which approximately 5 to 10 per cent of transactions fail because of OTP verification," he said. To overcome this issue, Razorpay has introduced a seamless and secure alternative. "Yesterday, we launched biometric authentication, with Yes Bank as its first partner. Now, when you make a payment using a card, instead of an OTP, you simply need to show your face, and the transaction will be completed through Face ID. If the phone has a fingerprint sensor, then it will be done through that sensor," Mathur said. He highlighted the dual benefits of the new method -- enhanced security and improved success rates. "Firstly, it is more secure and, more importantly, the success rate. So I think this is the next generation of payments. This will not only bring India up to par with the rest of the world, but also put it ahead in terms of how payments are authorised." The launch marks a step forward in India's digital payments evolution, as fintech companies continue to focus on user convenience, innovation, and security. (ANI)
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