Mastercard Launches Payment Passkey Service in India

Team S · 2024-08-29T11:04:55.000Z

During the Global Fintech Fest in Mumbai, Mastercard unveiled its new Payment Passkey Service, aimed at enhancing online shopping security and convenience. This service is initially being piloted in India, collaborating with major payment players like Juspay, Razorpay, PayU, and banks such as Axis Bank. With online fraud cases in India rising nearly 300% over the past two years, the Payment Passkey Service seeks to address vulnerabilities associated with traditional one-time passwords (OTPs). The service utilizes biometric authentication methods—like fingerprints and facial recognition—to streamline the checkout process while improving security. The Payment Passkey Service replaces traditional passwords and OTPs, allowing consumers to authenticate transactions quickly and securely. It employs tokenization to protect payment details and biometric data, ensuring that sensitive information remains private and secure from fraudsters. Key features of the service include: 1. Shoppers can select their Mastercard at checkout. 2. Users authenticate payments using biometric features on their devices. 3. Payments are completed instantly upon successful authentication. Mastercard's Chief Product Officer, Jorn Lambert, emphasized the service's role in advancing a tokenized economy and enhancing the digital payment landscape. Following the pilot in India, Mastercard plans to expand the Payment Passkey Service globally, reinforcing its commitment to secure online transactions and a safer payment ecosystem. https://www.mastercard.com/news/press/2024/august/mastercard-selects-india-for-the-global-launch-of-its-payment-passkey-service-accelerating-secure-online-checkout-for-millions-of-shoppers/

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Mastercard Launches Payment Passkey Service in India | SEINET