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Visa's new Payment Passkeys to mitigate online payment fraud

Tuesday 4 June 2024 09:02 CET | News

US-based payment card services corporation Visa has announced the launch of Payment Passkey in a bit to combat online payment fraud and improve transactions. 

As part of its Payments Forum for Central and Eastern Europe, Middle East, and Africa (CEMEA), Visa announced the launch of additional features that intend to make transiting more secure and simple. Payment Passkeys, one of the capabilities, is developed to tackle the increase in online payment fraud, with the company stating that fraudulent activities are seven times higher online than in-person payments.

 

Visa has announced the launch of Payment Passkey in a bit to combat online payment fraud and improve transactions.

More information on Visa’s announcement

According to Visa’s officials, the Payment Passkeys solution was built on Fast Identity Online (FIDO) standards. It can confirm a consumer’s identity and authorise online payments via a scan of their biometrics, including face or fingerprint. Also, when shopping online, Visa passkeys are set to eliminate the need for passwords or one-time codes, thus allowing a more simplified and secure transaction experience. In addition, Visa Payment Passkeys validate identity without interfering with the checkout experience, whilst increasing safety and minimising friction when paying online, across any device or website, globally.

Furthermore, when the announcement was made, Visa did not mention the timeframe for when capabilities such as Payment Passkey can be adopted. However, the features were designed to support the overall evolving payment landscape that, in recent years, has been in a constant expansion state.

Other news from Visa

In addition to the Payment Passkeys feature, Visa introduced Visa Pay, a new Payments-as-a-Service platform that aims to offer mobile-first experiences for digital payments and interoperable send-and-receive. The service was developed for the Central and Eastern Europe, Middle East, and Africa regions, with the platform merging extensive payment capabilities and delivering various solutions for financial institutions. The platform is set to support banks in accelerating the deployment of new solutions, including digital issuance, payment initiation, tap-to-pay, and fraud and risk management.

Moreover, Visa revealed Flexible Credential, a single card product to switch between payment methods, additional ways to enable digital payments to physical cards, and virtual credentials through Nano Merchant Acceptance, and Visa Protect A2A Payments to minimise fraudulent activities.

Source: Link


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Keywords: product launch, fraud management, online shopping, online platform, online payments, identity fraud
Categories: Fraud & Financial Crime
Companies: Visa
Countries: Africa, Europe, Middle East
This article is part of category

Fraud & Financial Crime

::: more

Visa

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