PayU Unveils Flash Pay: India's First Biometric Authentication Solution for Card Payments

PayU introduced Flash Pay, an industry-first biometric authentication solution for card payments, at the Global Fintech Festival 2024. Flash Pay leverages fingerprint and facial recognition to enhance transaction security and speed. The innovative solution received positive feedback and support from partners like South Indian Bank.

PayU, a leading digital financial services provider in India, has launched Flash Pay, an industry-first biometric authentication solution for card payments, at the Global Fintech Festival (GFF) 2024 in Mumbai. The company claims Flash Pay will simplify the payment process while significantly boosting security and transaction success rates.

Flash Pay utilizes advanced biometric technology, including fingerprint and facial recognition, to authenticate payments in under 10 seconds. This innovation bypasses traditional OTP-based methods, reducing waiting times and minimizing potential errors and fraud linked to OTP sharing. Merchants can adopt Flash Pay for all major card networks using a simple plug-and-play setup. It aims to enhance customer satisfaction, foster loyalty, and drive repeat business. PayU is also making Flash Pay accessible via SDKs, APIs, and web browser transactions, catering to diverse merchant requirements.

Banks stand to benefit from Flash Pay's seamless integration with existing Access Control Server (ACS) infrastructure, typically used for SMS OTP. Compliant with 3D Secure protocols by EMVCo, Flash Pay features advanced security measures like device binding and jailbreak detection. A robust fraud risk management (FRM) engine further enhances security, aligning with recent Reserve Bank of India guidelines on Additional Factor Authentication (AFA). PayU's Chief Product Officer, Manas Mishra, emphasized their commitment to offering cutting-edge, customer-focused payment solutions.

Flash Pay was demonstrated successfully at GFF 2024 in collaboration with South Indian Bank, which also offers the Swipe-to-Pay feature for biometric transaction authentication on its app. South Indian Bank's CIO, Sony A, expressed excitement over the partnership, highlighting the ease of integrating biometric payments for their cards.

Supported by Prosus, PayU operates regulated businesses under the Reserve Bank of India, aiming to fulfill the digital payment needs of India's market through innovative technology solutions. With a clientele of over 5 lakhs businesses, PayU provides a comprehensive range of digital payment methods, maintaining top-notch success rates and a seamless checkout experience.

(With inputs from agencies.)