Mastercard's Payment Passkey Service to first launch in India

Payment passkeys leverage device-based biometric authentication methods, including fingerprint identification and facial scans, to simplify online shopping experiences by coming as a replacement for traditional passwords and OTPs. Mastercard’s service utilises passkeys and tokenisation to secure a consumer’s online checkout process, focusing on ensuring that the transaction is safe and no financial account data is shared with third parties. The Mastercard Payment Passkey Service allows users to leverage their Mastercard when checking out as guests or select a card already stored on file with a merchant and, to confirm the transaction, customers can utilise biometric authentication features on their device. Following the identification process, the payment is instantly completed.

Moreover, Mastercard’s solution was developed for online and remote tokenised transactions, which aims to support the minimisation of fraud while increasing approval rates. By merging the tokenisation of payment credentials with augmented biometric authentication, Mastercard intends to deliver EMVCo, the World Wide Web Consortium, and the FIDO Alliance industry standards to accelerate and secure the checkout process for consumers.

Considering that India’s payment ecosystem and tokenisation market have been substantially expanding, the country is currently implementing payment passkeys and advanced biometric authentication technology to achieve a more resilient payment system. According to Mastercard’s officials, by launching the Payment Passkey Service in India, the company focuses on advancing secure online checkout, as well as its commitment to a token economy. Additionally, via this technology, Mastercard aims to scale transparency in the commerce ecosystem for all its participants and to support India in its mission to make commerce more inclusive, accessible, and secure.

Furthermore, after the initial pilot program in India, Mastercard plans to introduce the Mastercard Passkey Service to more consumers and financial institutions across the world in the upcoming months.