Friday, August 30, 2024 At the Global Fintech Fest in Mumbai, Mastercard made a groundbreaking announcement: the global launch of its new Payment Passkey Service, designed to revolutionize the security and convenience of online shopping. This innovative service will first be piloted in India, partnering with some of the country’s major payment players, including Juspay, Razorpay, and PayU, along with prominent online merchants like bigbasket and leading banks such as Axis Bank. The initiative aims to provide millions of consumers with enhanced control and peace of mind during online transactions.
In recent years, one-time passwords (OTPs) have gained popularity for their simplicity. However, their vulnerability to cyber threats such as phishing, SIM swapping, and message interception has become a significant concern. According to the Reserve Bank of India’s Annual Report for 2023-2024, the number of fraud cases in India has soared by nearly 300% over the past two years, underscoring the need for more robust security measures.
Enter Mastercard’s Payment Passkey Service, which leverages device-based biometric authentication—like fingerprints and facial recognition—to transform online shopping. By eliminating the need for traditional passwords and OTPs, this service makes transactions not only quicker but also more secure, effectively shielding consumers from fraud. With payment passkeys, users can bid farewell to the common woes of forgetting passwords or inadvertentl.