When security is non-negotiable, innovation becomes imperative. Axis Bank, a core banking partner, required Razorpay to implement Multi-Factor Authentication (MFA) on our Merchant Portal to meet rising compliance and security benchmarks. With nearly 2 million merchant touchpoints at stake, this wasn’t just a box to check, it was a business-critical upgrade.
The Risk Was Real
Single-Factor Authentication (SFA) no longer cuts it. It leaves merchant data and financial transactions vulnerable—especially across a network of 132,000+ portal users, including 85,000+ actively transacting merchants. The insight was clear: without a stronger access protocol, the risk of breach could have far-reaching consequences.
Secure, Seamless, Scalable Solution
We introduced MFA using OTP-based verification delivered via SMS and email. This dual-channel approach ensures that even as we raise the bar on security, user experience remains smooth. OTPs are valid for 5 minutes—long enough to authenticate, short enough to stay secure.
What It Delivers
- Stronger Defense: Password + OTP = significantly reduced account compromise risk.
- Regulatory Compliance: Fully aligned with Axis Bank’s standards, securing long-term partnership.
- Merchant-First Design: Minimal friction, maximum accessibility—even for non-tech-savvy users.
- Built to Scale: While tailored for Axis, this framework is extendable to other banking partners.
This isn’t just about meeting mandates—it’s about setting new benchmarks. With MFA, Razorpay reinforces its position as a secure, forward-thinking fintech partner, committed to protecting merchant interests while driving operational excellence.
