Mastercard teams up with Tap Payments

By introducing Payment Passkeys, Mastercard and Tap Payments are set to further improve the consumer journey by mitigating the need for One-Time Passwords (OTPs) and allowing device-based biometric authentication methods, including fingerprint and facial scan identification. Substituting traditional passwords and OTPs is set to enable the Mastercard Payment Passkey Service to optimise transaction times and deliver scaled security against fraud and scams. The solution has been launched by Tap Payments on Mastercard’s Payment Gateway.

The move comes just after Félix Pago teamed up with Mastercard to grow its digital remittance services in Central America. The company planned to launch its services in El Salvador, Honduras, Guatemala, and the Dominican Republic. In addition, the alliance was set to enable Félix Pago to utilise Mastercard’s payment infrastructure to assist these services in regions where financial access has previously been restricted.

Simplified and secure checkout processes

The Mastercard Payment Passkey solution utilises Click to Pay to safeguard consumers’ payment data via tokenisation and biometric information, limiting third-party access. Shoppers can select their Mastercard, which is already stored with Click to Pay, at checkout, while returning customers are recognised through their device or email address, which in turn optimises the process for them. When commenting on the announcement, representatives from Mastercard underlined that the collaboration with Tap Payments can support the advancement of secure and simplified online transactions. Integrating Click to Pay with Payment Passkey allows Mastercard to augment the ecommerce experience, ensuring that shoppers can transact more efficiently, supported by a technology that is safe and convenient.

Furthermore, Tap Payments underlined its commitment to offering customers improved payment experiences, with the collaboration with Mastercard advancing this objective by making online payment faster and more efficient. Following the launch of the service in the UAE, Tap Payments and Mastercard intend to scale it to other markets across Eastern Europe, the Middle East, and Africa.