Payment Passkey Service

Recently, Mastercard chose India for the global launch of Payment Passkey Service, recognising its tech-savvy population and vibrant e-commerce landscape. 

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Key Highlights 

• Payment Passkeys will replace traditional passwords by using device based biometric authentication methods—such as facial recognition, fingerprints, patterns.
• It combines the device’s biometrics (like fingerprint or face unlock) with robust encryption.
• It uses passkeys and tokenization to secure consumer’s data. 

 

Advantages 

• It will replace traditional passwords and OTPs to make the payment process more easier and convenient and also secure transactions and consumer’s data.
• It will also help to minimise password fatigue and avoid data breaches, and financial scams. 

 

Tokenization 

• It is a process that converts a 16-digit card number into a different number stored on the device, so original card information is secured when a contactless card or phone is used in store, or makes payments through app or online.