Synopsis: Mastercard has launched its Payment Passkey Service in India, debuting globally at the Global Fintech Fest in Mumbai. This innovative service aims to enhance online payment security and convenience by replacing traditional authentication methods with biometric verification.
Mastercard recently unveiled its Payment Passkey Service at the Global Fintech Fest in Mumbai, marking the global debut of this innovative solution.
The service is designed to enhance the security and convenience of online shopping by replacing traditional passwords and one-time passwords (OTPs) with biometric authentication methods like fingerprints or facial recognition.
Piloting the Service with Major Indian Payment Players:
The Payment Passkey Service is currently being piloted in India with major payment players, including Juspay, Razorpay, and PayU.
Additionally, it is being tested with online merchants such as bigbasket and financial institutions like Axis Bank.
This strategic collaboration with key partners aims to streamline the payment process and provide a more secure and efficient shopping experience for consumers.
Leveraging Biometric Authentication and Tokenisation:
Mastercard's Payment Passkey Service leverages biometric authentication, allowing users to authenticate their transactions using their device's biometric features.
This innovative approach eliminates the need for traditional passwords and OTPs, making online transactions faster and more secure.
By utilizing tokenisation, the service ensures that payment details and biometric data are securely protected, rendering them useless to fraudsters.
This approach not only enhances security but also helps in reducing cart abandonment, thereby improving the overall digital payment experience.
Addressing Rising Online Fraud in India:
The introduction of the Payment Passkey Service in India comes at a crucial time, as the country has witnessed a significant increase in online fraud cases, with a 300% rise over the past two years.
Mastercard's new service aims to address this growing concern by providing a more secure authentication method, aligning with the Reserve Bank of India's objectives for a safer and more resilient payment infrastructure.
A New Standard in Online Transaction Security:
With the Payment Passkey Service, Mastercard is setting a new standard in online transaction security.
The service is expected to revolutionize the way consumers shop online by offering a more secure and streamlined payment process.
This launch in India reflects Mastercard's commitment to the country's rapidly evolving payment ecosystem and its focus on enhancing the digital payment experience for both merchants and consumers.
Global Expansion and Industry Alignment:
Key partners involved in this launch have expressed optimism about the service's potential to improve payment success rates and provide a more secure experience.
The collaboration aligns with global industry standards set by organizations such as EMVCo, the World Wide Web Consortium, and the FIDO Alliance, marking a significant advancement in digital payment security.
Mastercard plans to expand the service globally in the coming months, further enhancing its reach and impact on the online payment landscape.
In conclusion, Mastercard's launch of the Payment Passkey Service in India is a significant step forward in enhancing online payment security and convenience.
By leveraging biometric authentication and tokenisation, the service aims to provide a more secure and efficient shopping experience for consumers, addressing the growing concern of online fraud.
As the service continues to be tested and refined with key partners, it is set to revolutionize the digital payment landscape in India and beyond.
With plans for a global rollout, Mastercard is poised to set a new standard in online transaction security, aligning with the industry's best practices and regulations.
Disclaimer: This article is for informational purposes only and should not be considered as financial or investment advice. Readers are encouraged to conduct their own research and consult with a qualified professional before making any financial decisions.
