Synopsis: Mastercard has introduced its latest advancement in online payment technology, the Mastercard Payment Passkey Service, enabling consumers to authenticate transactions seamlessly using biometric data, such as facial recognition or fingerprints.
As digital payments become more complex, Mastercard continues to advance its online transaction security and efficiency with the launch of the Mastercard Payment Passkey Service.
Unveiled at the Singapore FinTech Festival, this service brings the convenience and security of on-device biometric authentication to the forefront.
Consumers can now authenticate payments quickly and safely using facial recognition or fingerprint scans, similar to how they unlock their smartphones.
By merging the strengths of tokenization and biometric payment passkeys, alongside a streamlined guest checkout option powered by Click to Pay, Mastercard is setting new standards in secure and convenient online shopping.
This innovative service aims to reduce reliance on static passwords and OTPs, long considered vulnerable to online threats such as phishing and data interception.
"Just as contactless technology transformed in-person payments, Mastercard aims to replicate that seamless experience online," noted Sandeep Malhotra, Executive Vice President of Products & Innovation, Asia Pacific, Mastercard.
"With biometric authentication, shoppers can bypass tedious multi-step checkouts, while merchants benefit from increased speed and enhanced security."
Key Features of Mastercard's Payment Passkey Service:
- Streamlined Checkout: The Payment Passkey allows a faster, hassle-free checkout experience without requiring customers to wait for banking app responses or push notifications—a particularly valuable feature in regions with poor connectivity.
- Higher Sales and Reduced Cart Abandonment: By speeding up transactions, this service reduces friction points, enabling merchants to see fewer abandoned carts and potentially boosting sales.
- Enhanced Security: Mastercard’s biometric payment passkeys eliminate the risks of stolen passwords or compromised OTPs. Tokenization technology ensures that neither payment credentials nor biometric data are exposed to third parties, rendering any intercepted information useless to fraudsters.
For customers, the process is straightforward and secure.
They simply enroll their Mastercard card once, and when checking out online, they select their card (as a guest or stored on file with the merchant).
Biometric authentication—whether via face scan or fingerprint—confirms the payment instantly.
This method promises to improve the user experience significantly and lessen the risk of fraud.
Lenskart, a leading eyewear company in Singapore, is already leveraging this technology, supported by Mastercard’s partnerships with Juspay and leading regional banks such as DBS and UOB.
This secure and password-free approach ensures Lenskart customers enjoy a faster and worry-free shopping experience.
"The Mastercard Payment Passkey Service is a game-changer for e-commerce," said Jan Lim, Chief Business Officer, Southeast Asia at Lenskart.
"This innovation allows us to offer a seamless shopping experience for customers while focusing on our core goal of providing high-quality, stylish eyewear."
In addition to merchant benefits, financial institutions are expected to gain top-of-wallet status while enhancing customer security through streamlined digital interactions.
By integrating global standards from EMVCo, the World Wide Web Consortium, and the FIDO Alliance, Mastercard’s Payment Passkey Service is redefining secure, efficient digital payment experiences for all.
In conclusion, Mastercard’s Payment Passkey Service marks a pivotal shift in online payment security, combining tokenization and biometric authentication to deliver both speed and security.
By removing the need for traditional passwords and OTPs, this service significantly minimizes fraud risks and improves customer experience, fostering higher transaction success rates and reducing abandoned carts.
As more merchants, banks, and payment providers adopt this technology, Mastercard continues its mission to simplify digital payments globally, making them safer and more accessible for users everywhere.
Disclaimer: The above content is based on information provided by Mastercard via PRNewswire and does not reflect independent editorial judgment.
