In what has been hailed as a “global-first”, Mastercard has partnered with Tap Payments to bring forth a new payment passkey service to Click to Pay.
Working alongside and leveraging the Middle East and North African payment institution’s tech infrastructure, Mastercard’s latest innovation with Click to Pay seeks to “revolutionise the consumer journey” by eliminating the manual process of entering one-time passwords (OTPs).
The payment passkey enables device-based biometric authentication, such as fingerprints or facial recognition scans, to make commerce payments more secure. By replacing traditional passwords and OTPs, the service will look to make transactions quicker and more secure against fraud and scams.
Maria Parpou, EVP of Mastercard Gateway, said: “Our partnership with Tap Payments introduces a new standard in secure, seamless online transactions.
“By integrating Click to Pay with Payment Passkey, Mastercard is elevating the ecommerce experience, ensuring shoppers can transact confidently with ease, supported by technology that prioritises both security and convenience.”
According to Mastercard research, 90% of consumers across the world place faith in biometrics to make more secure and convenient payments than passwords.
Click to Pay, a secure tokenisation method that stores payment data and information online, will be leveraged as part of the payment passkey service in order to hand an extra layer of security for customers.
Shoppers will be able to select Mastercard, already stored with Click to Pay at the checkout, whilst returning customers can be recognised via their device or email address, making it easier for them to check out.
Payment passkey will be initially rolled out in the UAE, with plans to eventually be launched in other Middle Eastern countries such as Tap Payments’ home in Kuwait, as well as Eastern Europe and Africa.
Ali Abulhasan, Co-Founder and CEO Tap Payments, added: “At Tap Payments, we are committed to providing our customers unparalleled payment experiences.
“We believe that every digital transaction is a moment of trust between merchants and shoppers, which is why we continue to implement robust security measures. Our latest collaboration with Mastercard is pushing the boundaries of innovation in ecommerce, making online payments easier, faster and more secure than ever.”
