Mastercard has launched its new Payment Passkey Service globally. The service aims to make online shopping more secure and efficient. The launch was announced during a keynote presentation at the Global Fintech Fest in Mumbai.

The service will first be piloted in India, working with major payments players, including Juspay, Razorpay, and PayU. Online merchants such as bigbasket and banks like Axis Bank are also participating in the pilot.

Biometric Passkeys Replace OTPs

This service responds to rising concerns about the security of online transactions. Although one-time passwords (OTPs) are popular due to their ease of use, they are becoming vulnerable to various scams, including phishing Phishing Phishing is a form of cyber-attack in which fake websites, emails, and text messages are used to elicit personal data. The most common targets in this assault are passwords, private cryptocurrency keys, and credit card details.Phishers disguise themselves as reputable businesses and other types of entities. In certain instances, reputable government organizations or authorities are impersonated in order to collect this data.Because phishing relies on psychological manipulation rather than techno Phishing is a form of cyber-attack in which fake websites, emails, and text messages are used to elicit personal data. The most common targets in this assault are passwords, private cryptocurrency keys, and credit card details.Phishers disguise themselves as reputable businesses and other types of entities. In certain instances, reputable government organizations or authorities are impersonated in order to collect this data.Because phishing relies on psychological manipulation rather than techno Read this Term, SIM swapping, and message interception.

The Payment Passkey Service uses biometric authentication methods, such as fingerprints or facial scans, to streamline online shopping.

By replacing traditional passwords and OTPs, the service intends to make transactions faster and more secure. Consumers will no longer need to remember or share passwords or OTPs, reducing the risk of fraud.

“By introducing the Mastercard Payment Passkey Service in India, we’re advancing secure online checkout and our vision for a token economy,” said Jorn Lambert, Chief Product Officer at Mastercard.

“Through innovative technology that enhances security and convenience, we’re creating a more transparent commerce ecosystem for all. As we continue to lead the way in digital payments, our commitment to achieving a tokenized future is stronger than ever.”

.@Mastercard Selects India for the Global Launch of Its Payment Passkey Service, Accelerating Secure Online Checkout for Millions of Shoppers

Read more: https://t.co/F7YVHVRB36#SecureCheckout #Mastercard #IndiaLaunch #FintechInnovation #finance #fintech #FinancialIT

— Financial IT (@financialit_net) August 29, 2024

Passkey Service Goes Global

The service uses tokenization Tokenization Tokenization represents the process of substituting a sensitive data element with a non-sensitive equivalent, i.e. token, which bears no extrinsic or exploitable meaning or value. In essence, the rights to the ownership of an asset are converted into a digital token. Tokenization can be used to own an entire unit of an asset. For example, one token that represents the ownership of a piece of real estate or to split ownership of a single unity of an asset such as 200,000 tokens, each one represen Tokenization represents the process of substituting a sensitive data element with a non-sensitive equivalent, i.e. token, which bears no extrinsic or exploitable meaning or value. In essence, the rights to the ownership of an asset are converted into a digital token. Tokenization can be used to own an entire unit of an asset. For example, one token that represents the ownership of a piece of real estate or to split ownership of a single unity of an asset such as 200,000 tokens, each one represen Read this Term to protect a user’s payment details and biometric data. No data is shared with third parties, making it difficult for fraudsters to access sensitive information. The Payment Passkey Service follows a simple process.

Shoppers choose their Mastercard during checkout, use biometric authentication on their device, and, once authenticated, the payment is completed instantly. After the initial pilot in India, Mastercard plans to expand the Payment Passkey Service to more consumers and financial institutions worldwide in the coming months.