Payments
Mastercard announces Payment Passkey Service launch
August 30, 2024
Mastercard announced the launch of its Payment Passkey Service to improve security for online shopping. This service aims to replace passwords and OTPs to improve transaction speed and overall safety, according to a press release.
The service will be run as a pilot in India and will use biometric methods such as fingerprints or facial scans.
In order to use the passkey, users select their Mastercard when checking out, then use the fingerprint, face scan or PIN on their device to complete the payment.
"By introducing the Mastercard Payment Passkey Service in India, we're advancing secure online checkout and our vision for a token economy," Jorn Lambert, chief product officer at Mastercard, said in the release. "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."
Following the pilot, Mastercard plans to introduce the Passkey to other markets.
