Insights

Mastercard Takes On Fraud with Biometric Passkey Launch in India

Thursday, 29/08/2024 | 10:28 GMT by Tareq Sikder

  • The service replaces traditional passwords and OTPs with fingerprints or facial scans.
  • It uses tokenization to protect payment and biometric data, reducing the risk of unauthorized access.

Mastercard

Mastercard, From X

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 , SIM swapping, and message interception.

Jorn Lambert, Chief Product Officer at Mastercard

Jorn Lambert, Chief Product Officer at Mastercard, Source: LinkedIn

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.”

— Financial IT (@financialit_net) August 29, 2024

Passkey Service Goes Global

The service uses tokenization 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.

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 , SIM swapping, and message interception.

Jorn Lambert, Chief Product Officer at Mastercard

Jorn Lambert, Chief Product Officer at Mastercard, Source: LinkedIn

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.”

— Financial IT (@financialit_net) August 29, 2024

Passkey Service Goes Global

The service uses tokenization 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.

Tareq Sikder

  • 907 Articles
  • 6 Followers

A Forex technical analyst and writer who has been engaged in financial writing for 12 years.

Finance Magnates Daily Update

Get all the top financial news delivered straight to your inbox. Stay informed, stay ahead.

Keep Reading

More from the Author

FinTech

Featured Videos

Elina Pedersen, CRO at Your Bourse, on prop trading

Elina Pedersen, CRO at Your Bourse, on prop trading

Elina Pedersen, CRO at Your Bourse, on prop trading

Elina Pedersen, CRO at Your Bourse, on prop trading

Elina Pedersen, CRO at Your Bourse, shares her views on prop trading at FMPS:24

Elina Pedersen, CRO at Your Bourse, shares her views on prop trading at FMPS:24

Elina Pedersen, CRO at Your Bourse, shares her views on prop trading at FMPS:24

Elina Pedersen, CRO at Your Bourse, shares her views on prop trading at FMPS:24

More Videos

  • Anthony Darvall, Founder of Traderflow, at FMPS:24

    Anthony Darvall, Founder of Traderflow, at FMPS:24

    Anthony Darvall, Founder of Traderflow, at FMPS:24

    Anthony Darvall, Founder of Traderflow, at FMPS:24

    Anthony Darvall, Founder of Traderflow, at FMPS:24

    Anthony Darvall, Founder of Traderflow, at FMPS:24

    Anthony Darvall, the Founder of Traderflow, on speaking on “Trading with AI: CoPilots, Not Advisors”

    Anthony Darvall, the Founder of Traderflow, on speaking on “Trading with AI: CoPilots, Not Advisors”

    Anthony Darvall, the Founder of Traderflow, on speaking on “Trading with AI: CoPilots, Not Advisors”

    Anthony Darvall, the Founder of Traderflow, on speaking on “Trading with AI: CoPilots, Not Advisors”

    Anthony Darvall, the Founder of Traderflow, on speaking on “Trading with AI: CoPilots, Not Advisors”

    Anthony Darvall, the Founder of Traderflow, on speaking on “Trading with AI: CoPilots, Not Advisors”

  • Laura Dinneen, Head of Product Marketing at Zodia Custody, at FMPS:24

    Laura Dinneen, Head of Product Marketing at Zodia Custody, at FMPS:24

    Laura Dinneen, Head of Product Marketing at Zodia Custody, at FMPS:24

    Laura Dinneen, Head of Product Marketing at Zodia Custody, at FMPS:24

    Laura Dinneen, Head of Product Marketing at Zodia Custody, at FMPS:24

    Laura Dinneen, Head of Product Marketing at Zodia Custody, at FMPS:24

    Laura Dinneen, Head of Product Marketing at Zodia Custody, on the panel “Digital Assets & Tradfi: An Evolving Market Structure”

    Laura Dinneen, Head of Product Marketing at Zodia Custody, on the panel “Digital Assets & Tradfi: An Evolving Market Structure”

    Laura Dinneen, Head of Product Marketing at Zodia Custody, on the panel “Digital Assets & Tradfi: An Evolving Market Structure”

    Laura Dinneen, Head of Product Marketing at Zodia Custody, on the panel “Digital Assets & Tradfi: An Evolving Market Structure”

    Laura Dinneen, Head of Product Marketing at Zodia Custody, on the panel “Digital Assets & Tradfi: An Evolving Market Structure”

    Laura Dinneen, Head of Product Marketing at Zodia Custody, on the panel “Digital Assets & Tradfi: An Evolving Market Structure”

  • TradingView’s Sam Grecner at FMPS:24

    TradingView’s Sam Grecner at FMPS:24

    TradingView’s Sam Grecner at FMPS:24

    TradingView’s Sam Grecner at FMPS:24

    TradingView’s Sam Grecner at FMPS:24

    TradingView’s Sam Grecner at FMPS:24

    Sam Grecner, Director of Growth (Australia) at TradingView, speaking on the panel “Understanding APAC Markets: Partnerships, Culture, Retention”

    Sam Grecner, Director of Growth (Australia) at TradingView, speaking on the panel “Understanding APAC Markets: Partnerships, Culture, Retention”

    Sam Grecner, Director of Growth (Australia) at TradingView, speaking on the panel “Understanding APAC Markets: Partnerships, Culture, Retention”

    Sam Grecner, Director of Growth (Australia) at TradingView, speaking on the panel “Understanding APAC Markets: Partnerships, Culture, Retention”

    Sam Grecner, Director of Growth (Australia) at TradingView, speaking on the panel “Understanding APAC Markets: Partnerships, Culture, Retention”

    Sam Grecner, Director of Growth (Australia) at TradingView, speaking on the panel “Understanding APAC Markets: Partnerships, Culture, Retention”

  • ASIC’s Rhys Bollen at FMPS:24

    ASIC’s Rhys Bollen at FMPS:24

    ASIC’s Rhys Bollen at FMPS:24

    ASIC’s Rhys Bollen at FMPS:24

    ASIC’s Rhys Bollen at FMPS:24

    ASIC’s Rhys Bollen at FMPS:24

    Rhys Bollen, Senior Executive Leader of Digital Assets at ASIC sharing his views at FMPS:24

    Rhys Bollen, Senior Executive Leader of Digital Assets at ASIC sharing his views at FMPS:24

    Rhys Bollen, Senior Executive Leader of Digital Assets at ASIC sharing his views at FMPS:24

    Rhys Bollen, Senior Executive Leader of Digital Assets at ASIC sharing his views at FMPS:24

    Rhys Bollen, Senior Executive Leader of Digital Assets at ASIC sharing his views at FMPS:24

    Rhys Bollen, Senior Executive Leader of Digital Assets at ASIC sharing his views at FMPS:24

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button