The feature aims to replace traditional one-time passcodes with fingerprint or face ID verification methods, following a growing trend among organisations to adopt passkey technology for optimised security.
The Passkey feature has been integrated into Mercuryo’s network of 200 partners, including non-custodial wallets such as TrustWallet. This solution works with iPhone, Android, and Windows devices, enabling users across different platforms to authenticate their identities using biometrics, which builds on the cross-platform FIDO authentication standards supported by major tech companies.
The security architecture of Passkey stores encrypted login credentials directly on users' personal devices, eliminating the need for passwords or SMS/email-based one-time passcodes that are susceptible to phishing and malware attacks. The approach addresses one of the main security challenges in Web3 user access, including implementations by organisations like Mastercard and various government entities.
The launch of Passkey is part of Mercuryo’s broader initiative to establish itself as an infrastructure provider for secure digital payments in the Web3 space. The feature’s cross-platform compatibility ensures consistent functionality across various devices and operating systems. This addresses the growing demand for secure authentication solutions in the expanding digital asset sector.
The biometric authentication market is projected to reach USD 187.18 billion by 2031, with a compound annual growth rate (CAGR) of 20.7% from 2024 to 2031, experiencing significant growth in mobile and contactless authentication solutions over the past decade.
By implementing products like Passkey, users’ data becomes more secure, which is an essential factor. According to a Cloudwards statistic, more than half of the surveyed consumers expressed concern about how their biometric data is stored and managed. Furthermore, in 2023, 85% of users voiced concerns about using biometric technology due to the rise of AI and its potential influence on biometrics.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now