We live in an age of unprecedented convenience. The world, once vast and distant, is now a mere tap away. Our lives, our businesses, our economies – all have been reshaped by the digital revolution. But with this newfound freedom comes a shadow: the constant threat of cybercrime.
Online shopping is a breeze, but so are cyberattacks. The constant evolution of technology has rendered OTPs increasingly vulnerable to cyberattacks, making them a less reliable form of security. The pandemic, accelerating the world’s shift to online platforms, has only magnified these risks. Every click, every swipe, every online transaction is a high-wire act, with consumers balancing the convenience of digital payments against the looming threat of fraud. It’s not just about money; it’s about trust, peace of mind, and the very fabric of our digital lives. To counter this, we need a security system as unique and irreplaceable as the individuals it protects.
Fret no more…
The Future of Card Authentication
In alignment with the RBI’s vision for a safer payments landscape, Razorpay is excited to launch India’s first revolutionary Biometric Authentication with Mastercard – an OTP less solution for your payment checkout process, offering a seamless customer experience.
Biometric authentication leverages unique biological traits —such as fingerprints, facial recognition—to verify a user’s identity. Unlike passwords, OTPs, or PINs, which can be forgotten, mistyped, or stolen, biometric data is virtually impossible to replicate, making it one of the most secure forms of authentication available today.
Why do we need this, you ask?
Traditional Ways of Authentication are Painful
Offered as a service to merchants, Razorpay Biometric Authentication shifts away from traditional OTP methods to a seamless, secure, and multi-factor, device-based authentication of cardholders during remote commerce token transactions. With an improved, faster payment checkout experience for cardholders, the solution not only enhances security but also significantly reduces cart abandonment rates by providing a frictionless checkout experience.
The Customer Journey: A Memory-free Authentication Experience
Now, Imagine this:
A customer is shopping on your online store. The customer selects their items and proceeds to checkout, as usual. At checkout, instead of waiting for an OTP that might get delayed or mistyped, they simply scan their fingerprint or use facial recognition. In seconds, the transaction is approved. No need to worry about mistyping an OTP, no anxiety over security—just a smooth, secure memory-free, payment process!
Benefits for Merchants: Boost Your Bottom Line
- Offer your customers choice: Give your customers the freedom to choose how they verify their identity, and complete payment checkouts with options like fingerprint or facial recognition.
- More sales, less stress: By reducing friction at checkout, you’re less likely to see cart abandonments, leading to higher conversion rates.
- Smooth operator: You can easily integrate Razorpay Biometric Authentication into your existing payment systems with minimal disruption. The solution is designed to work seamlessly with Razorpay’s existing TokenHQ APIs, providing a unified and enhanced security layer.
- Happy customers, happy you: A seamless, secure payment process makes for happier customers, increasing the likelihood of repeat business. Delight your customers, watch them return.
Benefits for Customers: Your Checkout, Your Rules
- A world in your pocket: Device-based authentication and revolutionary Passkey protocols keep your data safe.
- Smooth sailing: Say goodbye to failed transactions and OTP hassles.
- Choose your checkout: One simple finger print scan or look, and you’re done.
- Green light every time: Faster payment checkout means less waiting, more shopping
Security Seal of Approval
The collaboration between Razorpay and Mastercard brings together two industry leaders with a shared commitment to advancing payment security. With Mastercard’s global expertise in payment security, Razorpay’s Biometric Authentication ensures that biometric data is securely tokenized and processed. This partnership guarantees that your business and customers are safeguarded against the latest security threats. The solution is also scalable, making it suitable for businesses of all sizes—from startups to large enterprises.
“We are thrilled to join forces with Mastercard to introduce its Payment Passkey Service in India, a groundbreaking initiative that enhances transaction security and user experience in remote commerce, leveraging the power of biometric authentication. At Razorpay, our focus is on the 3 ‘s’s — safety, simplification and success rate — to ensure seamless and secure online payments. We strive to stay ahead of the curve by integrating advanced technologies that not only safeguard our merchants and their customers but also streamline the payment process.” – Arif Khan, Chief Innovation Officer, Razorpay
Why This Matters
We’re transforming the way consumers and businesses interact with online payments. By integrating Razorpay Biometric Authentication, businesses are at the forefront of payment innovation, providing customers with a seamless, secure, and frictionless checkout experience, reducing authentication-related failures and minimising fraud rates! Not only does it improve the conversion by minimising the risk of cart abandonment during authentication but also improves the overall user experience, leading to higher satisfaction, fewer lost sales, and stronger customer trust.
Ready to be ahead of the time? Please reach out to card-tokenization@razorpay.com for more information or get in touch with your Account Manager if you are already a Razorpay client.
