Airtel Payments Bank adds third layer authentication for net banking

At present, banking companies use double factor authentication, which includes online banking password and a one-time password that is sent through SMS on registered mobile number. 

"As digital payments become the norm, especially in the post-pandemic world, we also have to solve for the challenge of frauds that are growing rapidly. 

"We are happy to leverage Airtel's core telco strengths to bring to the market this unique capability that ensures that our customers have full control over their transactions. This sets a new benchmark in the Indian digital payments space by making security paramount," Airtel Payments Bank MD and CEO Anubrata Biswas said in a statement. 

Airtel Safe Pay is completely free of charge and can be activated through Airtel Thanks app home screen or from the banking section, the statement said. 

The firm claimed that Airtel Safe Pay can protect customers from potential frauds such as phishing, stolen credentials or passwords, and even phone cloning.