Mastercard Selects India for the Global Launch of Its Payment Passkey Service, Accelerating Secure Online Checkout for Millions of Shoppers
28 Agosto 2024 - 11:00PM
Business Wire
Payment passkeys speed up transactions using
biometrics, enhancing security and convenience for consumers and
businesses
During a keynote presentation at Global Fintech Fest in Mumbai,
Mastercard announced the worldwide launch of its new Payment
Passkey Service to make online shopping more secure and easier than
ever. Debuting first in India as a pilot with some of the nation’s
largest payments players, including payment aggregators such as
Juspay, Razorpay and PayU, online merchants such as bigbasket and
leading banks such as Axis Bank, the service will give millions of
consumers more control and peace of mind when checking out
online.
Despite the rising popularity of one-time passwords (OTPs) due
to their ease of use, they are increasingly vulnerable to online
scams such as phishing, SIM swapping and message interception. In
India, the incidence of fraud cases has surged by nearly 300% in
the last two years, as reported by the Reserve Bank of India’s
Annual Report for 2023-2024.
Enter payment passkeys. They use device-based biometric
authentication methods such as fingerprints or facial scans, but
for an entirely new purpose: to streamline online shopping
experiences. By replacing traditional passwords and OTPs, the
Mastercard Payment Passkey Service makes transactions not only
faster, but also more secure against fraud and scams. With payment
passkeys, consumers can say goodbye to the hassle of forgetting or
accidentally sharing their passwords or OTPs.
The service leverages passkeys and tokenization to secure a
consumer’s online checkout interaction, ensuring that the
transaction is secure and no financial account data is shared with
third parties – rendering it useless to fraudsters and scammers.
The Mastercard Payment Passkey Service is a game changer for online
commerce:
- Shoppers choose their Mastercard when checking out as a guest
or select a card already stored securely on file with a
merchant.
- To confirm the payment, users can use the biometric
authentication mechanism features on their device – whether it’s a
fingerprint, face scan or PIN.
- Upon successful authentication, the payment is instantly
completed.
“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.”
India, with its rapidly expanding payment ecosystem and advanced
tokenization market, is embracing payment passkeys and enhanced
biometric authentication in line with the Reserve Bank of India's
goal for a safer, more resilient payment system. Payment passkeys
aren’t just about speed and convenience — they’re about safety and
enhancing a user’s shopping experience. For businesses, it means
fewer abandoned carts and less fraud. For consumers, it means
faster checkouts and peace of mind.
The Mastercard Payment Passkey Service is built for online or
remote tokenized transactions, which today help significantly
reduce fraud and increase approval rates. By combining the
tokenization of payment credentials with seamless biometric
authentication, Mastercard is bringing EMVCo, World Wide Web
Consortium and the FIDO Alliance industry standards together to
speed and secure the checkout experience.
Following the initial pilot program in India, the company is set
to roll out the Mastercard Payment Passkey Service to more
consumers and financial institutions around the world over the
coming months.
Hear from our partners:
"We are excited to be partnering with Mastercard to pilot its
Payment Passkey Service as an alternate transaction authentication
method and provide our customers a non-OTP-based solution for
transaction management,” said Sanjeev Moghe, president and head,
Cards & Payments, at Axis Bank. “This will allow us to provide
more engaging usage and in-app experience for customers who desire
enhanced security and frictionless payments.”
“Enabling this industry-first proof of concept underscores
Juspay’s commitment to empower merchants with innovation and
technology that improves the e-commerce experience,” said Sheetal
Lalwani, chief operating officer and co-founder of Juspay. “We
believe this solution will help our merchant customers improve
payment success rates and overall sales. With this pilot, merchants
can significantly improve the payment experience for end consumers,
allowing them to make payments easily, without multiple redirects,
in a safe and secure way using device biometrics. We are working
with Mastercard in shaping a future where digital payments are
seamless and accessible to all, enabling merchants to better serve
their customers.”
"As the country’s payment ecosystem matures, the demand for
advanced and secure payment solutions is greater than ever,” said
Manas Mishra, PayU’s chief product officer. “At PayU, we are
relentlessly focused on pushing the boundaries of payment security
and user experience as a resiliently progressive payments platform.
Integrating the Mastercard Payment Passkey Service is a pivotal
step in that direction. This partnership reflects our commitment to
embracing cutting-edge payment technologies and reinforces our role
in setting new benchmarks for security and efficiency in digital
transactions."
"We are thrilled to join forces with Mastercard to introduce its
Payment Passkey Service in India, a groundbreaking initiative that
enhances transaction security and user experience in remote
commerce, leveraging the power of biometric authentication,” said
Arif Khan, chief innovation officer of Razorpay. “At Razorpay, our
focus is on the 3 's's — safety, simplification and success rate —
to ensure seamless and secure online payments. We strive to stay
ahead of the curve by integrating advanced technologies that not
only safeguard our merchants and their customers but also
streamline the payment process."
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments
industry. Our mission is to connect and power an inclusive, digital
economy that benefits everyone, everywhere by making transactions
safe, simple, smart and accessible. Using secure data and networks,
partnerships and passion, our innovations and solutions help
individuals, financial institutions, governments and businesses
realize their greatest potential. With connections across more than
210 countries and territories, we are building a sustainable world
that unlocks priceless possibilities for all.
www.mastercard.com
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version on businesswire.com: https://www.businesswire.com/news/home/20240828688022/en/
Media Biz Cozine, Global Communications, Mastercard
Biz.Cozine@mastercard.com
Tarun Nagrani, India Communications, Mastercard
Tarun.Nagrani@mastercard.com
Agency Communications Contact Stuti Soni, MSL Group
Stuti.Soni@mslgroup.com
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