Latest news with #FederalBank
Time of India
13 hours ago
- Business
- Time of India
Federal bank launches india's first-ever biometric authentication for Ecom card transactions
Federal BanK , a leading private sector Bank, in collaboration with fintech partners M2P and MinkasuPay, has introduced India's first-ever biometric authentication solution for e-commerce card transactions. Customers can now authenticate online purchases using just a touch or a look—their Fingerprint or Face ID. This solution not only enhances security but also significantly improves transaction speed and user experience. The solution replaces cumbersome OTPs with biometric verification, reducing transaction times to just 3–4 seconds, while enhancing security. The solution is designed to combine simplicity with security, offering users a seamless experience. Virat Sunil Diwanji, National Head – Consumer Banking, Federal Bank, expressed his enthusiasm about the launch , ' This launch is more than a tech upgrade—it's a transformation in how our customers experience banking. Biometric authentication makes secure payments feel natural and seamless. At Federal Bank, our innovation always has a purpose—to empower customers with convenience and safety and with this partnership with M2P and MinkasuPay, we aim to set a national benchmark in frictionless digital transactions .' Madhusudanan R, Co-founder, M2P Fintech, said: " This collaboration is a perfect reflection of what M2P stands for—building secure, scalable infrastructure that elevates user experience. Enabling the country's first biometric authentication for e-commerce card transactions is a proud milestone for us. In partnership with Federal Bank and MinkasuPay, we are not just innovating—we're reimagining how trust and convenience can coexist in digital payments ." Anbu Gounder , CEO of MinkasuPay , shared his vision for the future: " We are proponents of device biometric authentication. Our goal is to offer the best and the most secure payment experience in the world while at the same time doing 2-factor authentication for all payment transactions. We are pleased to partner with Federal Bank and M2P in bringing this cutting-edge technology to the market, thereby offering the best payment experience in the country to the Federal Bank card customers ." The biometric solution is fully compliant with RBI's Two-Factor Authentication guidelines , and ensures fallback to OTP in case biometrics are not captured. Customers can enroll with a one-time consent during checkout, and use the feature seamlessly on supported merchant apps. It works across compatible Android and iOS smartphones, and can be integrated by merchants via a lightweight SDK. What This Means for Customers? No more OTPs: Just use your Fingerprint or Face IDLightning-fast checkouts: As quick as 3 secondsTop-tier security: Each transaction is uniquely validated by your deviceControl stays with customers: Easily opt in or out, with fallback to traditional methods if needed This innovation is now live for Federal Bank debit and credit cardholders, across select partner merchants, and will be expanded in a phased manner.
Mint
15 hours ago
- Business
- Mint
This bank launches biometric authentication for online purchases via credit, debit cards
In partnership with fintech partners M2P and MinkasuPay, Federal Bank has launched biometric authentication solution for e-commerce card transactions. With this, users can authenticate online purchases using just a touch or a look — their Fingerprint or FaceID. This solution not only enhances security but also significantly improves transaction speed and user experience. The solution replaces OTPs with biometric verification, reducing transaction times to just 3–4 seconds, while enhancing security. The solution is designed to combine simplicity with security, offering users a seamless experience while making online puchases via credit card or debit card. 'This is more than a tech upgrade, it's a transformation in how our customers experience banking. Biometric authentication makes secure payments feel natural and seamless. At Federal Bank, our innovation always has a purpose i.e., to empower customers with convenience and safety,' says Virat Sunil Diwanji, National Head, Consumer Banking of Federal Bank. Madhusudanan R, Co-founder, M2P Fintech, says, 'This collaboration is a perfect reflection of what M2P stands for—building secure, scalable infrastructure that elevates user experience. Enabling the country's first biometric authentication for e-commerce card transactions is a proud milestone for us. In partnership with Federal Bank and MinkasuPay, we are not just innovating—we're reimagining how trust and convenience can coexist in digital payments.' 'We are proponents of device biometric authentication. Our goal is to offer the best and the most secure payment experience in the world while at the same time doing 2-factor authentication for all payment transactions. We are pleased to partner with Federal Bank and M2P in bringing this cutting-edge technology to the market, thereby offering the best payment experience in the country to the Federal Bank card customers,' said Anbu Gounder, CEO of MinkasuPay. The biometric solution is compliant with RBI's Two-Factor Authentication (TFA) guidelines and ensures fallback to OTP in case biometrics are not captured. Customers can enroll with a one-time consent during checkout and use the feature seamlessly on supported merchant apps. It works across compatible Android and iOS smartphones and can be integrated by merchants via a lightweight SDK. The bank, in a statement, that the customers will get following benefits: 1. There will be no more OTPs while using your credit card. One only needs to just usefingerprint or Face ID 2. Then there will be faster checkouts -- as quick as three seconds 3. Each transaction is uniquely validated by your device, thus providing top tier security. 4. The control continues to remain with the customers: They can easily opt in or out, with fallback to traditional methods if needed This innovation is currently live for Federal Bank debit and credit cardholders, across select partner merchants, and will be expanded in a phased manner, says the statement. Disclaimer: Mint has a tie-up with fintechs for providing credit, you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit score. Mint does not promote or encourage taking credit as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.
New Indian Express
19 hours ago
- New Indian Express
Six arrested for running online betting racket in Andhra Pradesh's Prakasam
ONGOLE: Prakasam district police busted an online betting racket and arrested six individuals for their involvement in operating the network and misusing bank accounts to transfer funds abroad. The arrests were made under the supervision of Prakasam District Superintendent of Police AR Damodar, who briefed the media on Wednesday. The accused are Shaik Nayab Rasool (32), Arusumalla Praneeth Kumar (32), Syed Shahajad Ali (25), Singanaboina Chaitanya Kumar (25), Shaik Khadarunnisa alias Mastanamma (50), and Shaik Ayesha (30). All were arrested near Mukthinuthalapadu and Milk Dairy Centre. SP Damodar said the primary accused, Shaik Yasin from Udayagiri and currently residing in Hyderabad, collaborated with international online betting operators known as White, Jimmy, and Maunika via the Telegram app. The group allegedly created multiple fake bank accounts using false documents, offering payments between Rs 15,000 and Rs 45,000 to account holders in exchange for their banking kits, ATM cards, SIMs, and passbooks. These were routed to foreign handlers for illegal transactions. The racket operated across Nellore, Ongole, and Hyderabad, utilising banks like Karnataka Bank, Indian Overseas Bank, and Federal Bank. Efforts are underway to apprehend other suspects, including Ajay, Vijay, Syam, Rabbu, Jimmy, White, and Maunika. SP Damodar praised the investigation team led by Ongole DSP R. Srinivasa Rao, Ongole Taluka CI Vijayakrishna, IT Core CI V Suryanarayana, and IO B Phani Bhushan.
The Hindu
a day ago
- The Hindu
Ongole police bust online betting racket, arrest six
Ongole Taluka police on Wednesday arrested six persons for their involvement in the operation of an online betting racket and misusing bank accounts of people to transfer money to foreign countries. The police are in the process of arresting eight others who are also linked to the betting racket. The accused created and sold multiple bank accounts to facilitate their monetary transactions. Shaik Nayab Rasool from S.N. Padu, Arusumalla Praneeth Kumar from Hyderabad, Syed Shahijad Ali from Udayagiri, Singanaboina Chaitanya from Nellore, Shaik Khadarunnisa from Kurnool, and Shaik Ayesha from S.N. Padu were arrested near Peerlamanyam and Arunodaya Colony at Pernmitta village, S.N. Padu mandal, in Prakasam district on Wednesday. Addressing a press conference, Prakasam Superintendent of Police (SP) A.R. Damodar said, 'The main orchestrator, Shaik Yasin, a native of Udayagiri and currently residing in Hyderabad, maintained contacts with international online betting app operators named White, Jimmy, and Maunika through the Telegram app.' 'The group offered lucrative amounts from ₹15,000 to ₹45,000 in exchange for opening savings and current accounts, along with submission of ATM cards, SIM cards, and bank passbooks. Praneeth, Nayab Rasool, and others coordinated with individuals like Syam, Ajay, Vijay, Chaitanya, and others to deliver the account kits to foreign handlers via couriers,' he informed. These accounts were used to route betting money internationally, exploiting net banking and digital verification methods. They have operated across Nellore, Ongole, and Hyderabad, and have used banks like Karnataka Bank, Indian Overseas Bank, and Federal Bank to create fake accounts. Efforts are on to arrest Ajay, Vijay, Syam, Rabbu, Shaik Yasin, Jimmy, White and Maunika, police said.
Mint
2 days ago
- Business
- Mint
Forex markup on credit cards: What it means and how to avoid it
If you travel abroad often or shop internationally, you've likely noticed charges on your credit card statements after purchasing overseas. These extra charges are forex markup fees, and they are not errors. If you know about these charges, and how they affect your international spending, you can make better choices while abroad. Forex markup fees, also called foreign transaction fees, are a percentage based fee charged on every purchase made in a foreign currency or through an international bank. A forex markup fee covers the costs charged by banks and card networks (Visa/Mastercard) when changing currencies from other foreign units into your home currency. Bank fee: It usually ranges from 2% to 3.5% in value of transaction. It usually ranges from 2% to 3.5% in value of transaction. Network costs: Often built into the exchange rate, but Visa and Mastercard typically add a 1% conversion fee. Often built into the exchange rate, but Visa and Mastercard typically add a 1% conversion fee. GST: 18% goods and services tax on all fees. From time to time, Dynamic Currency Conversion (or DCC) might offer you the choice to pay in your resident home currency. This option seems convenient when converting to your local currency at the terminal point of sale however, in general: There is typically a DCC markup of 1-3 percent on top of the bank/network fees. DCC is always more expensive because the issuer banks typically have a favourable exchange rate. Tip: In order to avoid avoidable markup, always decline DCC and pay in local currency. This surcharge will quietly inflate your bill. Your total could increase (even by a little) if you choose a local currency option, even if offered by the merchant. It is up to you as the cardholder to make an effort to check the statement, and assess all the costs. Credit cards Joining fees Federal Bank Scapia Credit Card ₹ 0 Ixigo AU Credit Card ₹ 0 RBL Bank World Safari Credit Card ₹ 3000 IDFC FIRST Mayura Credit Card ₹ 5999 Axis Bank Burgundy Private Credit Card ₹ 50000 AU Zenith+ Credit Card ₹ 4999 YES Bank Marquee Credit Card ₹ 9999 (Source: PaisaBazaar) (Note: Please visit the bank's official website to learn more about the fees & charges of the credit card of your choice) Choose cards with zero forex: Certain premium programs offer 0% forex markup on flat fees saving you as much as 3.5% on each purchase. Avoid DCC opportunities: Allow your own supplier to take care of the conversion and do your payment in the local currency. Check any fees that may apply: Check the fees on your bill against the credit card's terms. Look at the prepaid forex cards for cash: While there may be fees for ATM withdrawals, they also "lock" currency rates. Although there is a markup applied, credit cards are still handy when: Emergencies: They are convenient and do not require cash. They are convenient and do not require cash. Online reservations: There are certain websites that will only accept credit cards; not forex debit/ prepaid cards. There are certain websites that will only accept credit cards; not forex debit/ prepaid cards. Rewards & perks: Leverage additional benefits such as rewards points redemption, travel insurance, lounge access. In conclusion, although forex markup costs seem negligible per transaction, they do add up quickly, especially when traveling or shopping online where USD subscriptions are available. You can also select a minimal markup card, decline DCC, and use prepaid FX cards when necessary if you know your total costs. For all personal finance updates, visit here. Disclaimer: Mint has a tie-up with fin-techs for providing credit, you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit score. Mint does not promote or encourage taking credit as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.
