Short Article
06-09-2024 | 18:25 PM
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.
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.
