Using Airtel Payments Bank? FREE! Good news for you

It's a good news for you if you use Airtel Payments Bank! In a major development, Airtel Payments Bank has said it has added a third layer of authentication, Airtel Safe Pay, based on network intelligence to prevent online banking frauds for its customers. 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.

Earlier, on Jan 12, telecom major Bharti Airtel had said that it has received required regulatory approvals for 100 per cent foreign direct investment in its downstream companies. In a regulatory filing, the company said that it is initiating the process to revise its foreign investment limit, as notified to its depositories, to 100 per cent with immediate effect.

"Further to our intimation dated January 21, 2020, we wish to inform you that in compliance of the FDI approval dated January 20, 2020 granted to the Company by the Department of Telecommunications, the company has received approvals for its relevant downstream investments," it said.