Mastercard is rolling out its Payment Passkey Service worldwide, part of the global payments firm’s ambitions to make greater use of biometrics.
The US-based company announced the news during the Global Fintech Fest in Mumbai, India. At the conference, Mastercard emphasised its view that one-time passwords, which have become increasingly popular, are vulnerable to phishing scams and other attacks.
Biometrics are better, Mastercard seems to believe, as the firm’s Payment Passkey Service seeks to replace traditional passwords and OTPs using device-based biometric authentication methods, such as fingerprints or facial scans.
The solution also makes use of tokenisation to secure customer payment details and biometric data, with the aim of preventing data being shared with third parties and used by fraudsters and scammers.
“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.”
Payment Passkeys will make its debut in India, where Mastercard announced the project’s launch. The platform will initially begin as a pilot in the country, the world’s fifth largest economy and home to a growing finance and technology sector.
Mastercard detailed the countries’ expanding payment ecosystem and advanced tokenisation market as providing an ideal foundation. The firm also notes that India is ‘embracing payment passkeys and enhanced biometric authentication’, with the Reserve Bank of India setting a goal for a safe, resilient payment ecosystem.
Regarding the product itself, biometrics and tokenisation have been on Mastercard’s agenda for some time. Speaking to Payment Expert earlier this year, the firm’s SVP of Security Solutions and Processing, Tulsi Narayan, explained Mastercard’s efforts.
“Biometric authentication methods, including fingerprint or facial recognition, can enhance security and streamline the payment process by eliminating the need for passwords or PINs,” she said.
