Mastercard Selects India for the Global Launch of Its Payment Passkey Service, Accelerating Secure Online Checkout for Millions of Shoppers
Mastercard has launched its Payment Passkey Service globally, starting with a pilot in India. This innovative service aims to enhance online shopping security and convenience by replacing traditional passwords and one-time passwords (OTPs) with biometric authentication methods like fingerprints or facial scans.
The service is being piloted with major Indian payment players, including Juspay, Razorpay, PayU, bigbasket, and Axis Bank. It addresses the growing concern of online fraud in India, which has seen a 300% increase in the last two years. The Payment Passkey Service uses tokenization to secure transactions without sharing financial account data with third parties.
Mastercard plans to roll out the service globally in the coming months, aiming to create a more transparent commerce ecosystem and advance towards a tokenized future in digital payments.
Mastercard ha lanciato globalmente il suo servizio Payment Passkey, partendo da un pilota in India. Questo servizio innovativo mira a migliorare la sicurezza e la comodità degli acquisti online sostituendo le password tradizionali e le password usa e getta (OTP) con metodi di autenticazione biometrica come le impronte digitali o i riconoscimenti facciali.
Il servizio è in fase di pilotaggio con i principali attori dei pagamenti indiani, tra cui Juspay, Razorpay, PayU, bigbasket e Axis Bank. Risponde alla crescente preoccupazione per le frodi online in India, che ha registrato un incremento del 300% negli ultimi due anni. Il servizio Payment Passkey utilizza tokenizzazione per garantire le transazioni senza condividere i dati del conto finanziario con terze parti.
Mastercard intende espandere il servizio a livello globale nei prossimi mesi, puntando a creare un ecosistema commerciale più trasparente e avanzare verso un futuro tokenizzato nei pagamenti digitali.
Mastercard ha lanzado su Servicio de Clave de Pago a nivel mundial, comenzando con un piloto en India. Este servicio innovador tiene como objetivo mejorar la seguridad y la comodidad de las compras en línea al reemplazar las contraseñas tradicionales y las contraseñas de un solo uso (OTP) con métodos de autenticación biométrica como huellas dactilares o escaneos faciales.
El servicio se está probando con los principales actores de pagos indios, incluidos Juspay, Razorpay, PayU, bigbasket y Axis Bank. Aborda la creciente preocupación por el fraude en línea en India, que ha visto un aumento del 300% en los últimos dos años. El Servicio de Clave de Pago utiliza tokenización para asegurar las transacciones sin compartir datos de cuentas financieras con terceros.
Mastercard planea implementar el servicio globalmente en los próximos meses, con el objetivo de crear un ecosistema comercial más transparente y avanzar hacia un futuro tokenizado en pagos digitales.
마스터카드가 글로벌 결제 패스키 서비스를 런칭했습니다, 인도에서 파일럿으로 시작합니다. 이 혁신적인 서비스는 전통적인 비밀번호와 일회용 비밀번호(OTP)를 지문이나 얼굴 인식과 같은 생체 인증 방법으로 대체하여 온라인 쇼핑의 보안과 편의성을 향상시키는 것을 목표로 합니다.
이 서비스는 Juspay, Razorpay, PayU, bigbasket, Axis Bank 등 주요 인도 결제 플레이어와 함께 파일럿 진행 중입니다. 인도에서 온라인 사기에 대한 우려가 커지고 있는 가운데 지난 2년 동안 300% 증가했습니다. 결제 패스키 서비스는 토큰화 기술를 사용하여 제3자와 금융 계좌 데이터를 공유하지 않고 트랜잭션을 안전하게 보호합니다.
마스터카드는 서비스를 글로벌하게 확대할 계획입니다며, 더 투명한 상거래 생태계를 만들고 디지털 결제에서 토큰화된 미래를 향해 나아가는 것을 목표로 합니다.
Mastercard a lancé son Service de Clé de Paiement à l'échelle mondiale, en commençant par un projet pilote en Inde. Ce service innovant vise à améliorer la sécurité et la commodité des achats en ligne en remplaçant les mots de passe traditionnels et les mots de passe à usage unique (OTP) par des méthodes d'authentification biométrique telles que les empreintes digitales ou les scans faciaux.
Le service est actuellement en phase de test avec d'importants acteurs des paiements en Inde, notamment Juspay, Razorpay, PayU, bigbasket et Axis Bank. Il répond aux inquiétudes croissantes concernant la fraude en ligne en Inde, qui a connu une augmentation de 300% au cours des deux dernières années. Le Service de Clé de Paiement utilise la tokenisation pour sécuriser les transactions sans partager les données du compte financier avec des tiers.
Mastercard prévoit de déployer le service à l'échelle mondiale dans les mois à venir, dans le but de créer un écosystème commercial plus transparent et d'avancer vers un avenir tokenisé pour les paiements numériques.
Mastercard hat seinen Payment Passkey Service weltweit gestartet, beginnend mit einem Pilotprojekt in Indien. Dieser innovative Service zielt darauf ab, die Sicherheit und den Komfort des Online-Shoppings zu verbessern, indem traditionelle Passwörter und Einmalpasswörter (OTPs) durch biometrische Authentifizierung wie Fingerabdrücke oder Gesichtsscans ersetzt werden.
Der Service wird in Zusammenarbeit mit großen indischen Zahlungsdienstleistern wie Juspay, Razorpay, PayU, bigbasket und Axis Bank getestet. Er geht auf die wachsende Besorgnis über Online-Betrug in Indien ein, das in den letzten zwei Jahren einen Anstieg von 300% verzeichnet hat. Der Payment Passkey Service verwendet Tokenisierung, um Transaktionen zu sichern, ohne Finanzkontodaten mit Dritten zu teilen.
Mastercard plant, den Service in den kommenden Monaten weltweit auszurollen, mit dem Ziel, ein transparenteres Handelsökosystem zu schaffen und auf eine tokenisierte Zukunft der digitalen Zahlungen hinzuarbeiten.
- Launch of innovative Payment Passkey Service to enhance online transaction security
- Partnerships with major Indian payment players for pilot implementation
- Potential to reduce fraud and increase approval rates for businesses
- Streamlined checkout process may lead to fewer abandoned carts
- Global rollout planned, expanding Mastercard's market reach
- None.
Insights
Mastercard's launch of the Payment Passkey Service in India marks a significant leap in secure online transactions. This innovation addresses the 300% surge in fraud cases reported by the RBI, offering a robust alternative to vulnerable OTPs. The service's use of biometric authentication and tokenization not only enhances security but also streamlines the checkout process, potentially reducing cart abandonment rates for merchants.
The strategic choice of India for the pilot, given its advanced tokenization market, aligns with the RBI's vision for a resilient payment system. This move could accelerate digital payment adoption in India's booming e-commerce sector. For Mastercard, successful implementation could lead to increased transaction volumes and market share in the world's fastest-growing major economy.
The Payment Passkey Service represents a significant advancement in combating online fraud. By eliminating passwords and OTPs, it removes common attack vectors like phishing and SIM swapping. The use of device-based biometrics adds a layer of security that's extremely difficult to compromise remotely.
However, the system's security will heavily depend on the implementation of biometric systems on user devices. While generally more secure, biometrics aren't infallible. The success of this service will rely on robust encryption during transmission and storage of biometric data. Mastercard's emphasis on tokenization is crucial, as it ensures that even if data is intercepted, it's useless to attackers. This approach significantly reduces the attack surface for potential breaches.
Mastercard's choice of India for this global launch is strategically sound. With a rapidly growing digital payment ecosystem and a large, tech-savvy population, India offers an ideal testbed for this innovative service. The collaboration with major players like Juspay, Razorpay and Axis Bank ensures wide reach and rapid adoption.
This move could significantly boost Mastercard's market position in India, where it competes with Visa and domestic players like RuPay. By addressing key pain points in online transactions - security and convenience - Mastercard is likely to see increased preference among both consumers and merchants. The success of this pilot could set a precedent for similar rollouts in other emerging markets, potentially reshaping the global digital payment landscape.
Payment passkeys speed up transactions using biometrics, enhancing security and convenience for consumers and businesses
Despite the rising popularity of one-time passwords (OTPs) due to their ease of use, they are increasingly vulnerable to online scams such as phishing, SIM swapping and message interception. In
Enter payment passkeys. They use device-based biometric authentication methods such as fingerprints or facial scans, but for an entirely new purpose: to streamline online shopping experiences. By replacing traditional passwords and OTPs, the Mastercard Payment Passkey Service makes transactions not only faster, but also more secure against fraud and scams. With payment passkeys, consumers can say goodbye to the hassle of forgetting or accidentally sharing their passwords or OTPs.
The service leverages passkeys and tokenization to secure a consumer’s online checkout interaction, ensuring that the transaction is secure and no financial account data is shared with third parties – rendering it useless to fraudsters and scammers. The Mastercard Payment Passkey Service is a game changer for online commerce:
- Shoppers choose their Mastercard when checking out as a guest or select a card already stored securely on file with a merchant.
- To confirm the payment, users can use the biometric authentication mechanism features on their device – whether it’s a fingerprint, face scan or PIN.
- Upon successful authentication, the payment is instantly completed.
“By introducing the Mastercard Payment Passkey Service in
The Mastercard Payment Passkey Service is built for online or remote tokenized transactions, which today help significantly reduce fraud and increase approval rates. By combining the tokenization of payment credentials with seamless biometric authentication, Mastercard is bringing EMVCo, World Wide Web Consortium and the FIDO Alliance industry standards together to speed and secure the checkout experience.
Following the initial pilot program in
Hear from our partners:
"We are excited to be partnering with Mastercard to pilot its Payment Passkey Service as an alternate transaction authentication method and provide our customers a non-OTP-based solution for transaction management,” said Sanjeev Moghe, president and head, Cards & Payments, at Axis Bank. “This will allow us to provide more engaging usage and in-app experience for customers who desire enhanced security and frictionless payments.”
“Enabling this industry-first proof of concept underscores Juspay’s commitment to empower merchants with innovation and technology that improves the e-commerce experience,” said Sheetal Lalwani, chief operating officer and co-founder of Juspay. “We believe this solution will help our merchant customers improve payment success rates and overall sales. With this pilot, merchants can significantly improve the payment experience for end consumers, allowing them to make payments easily, without multiple redirects, in a safe and secure way using device biometrics. We are working with Mastercard in shaping a future where digital payments are seamless and accessible to all, enabling merchants to better serve their customers.”
"As the country’s payment ecosystem matures, the demand for advanced and secure payment solutions is greater than ever,” said Manas Mishra, PayU’s chief product officer. “At PayU, we are relentlessly focused on pushing the boundaries of payment security and user experience as a resiliently progressive payments platform. Integrating the Mastercard Payment Passkey Service is a pivotal step in that direction. This partnership reflects our commitment to embracing cutting-edge payment technologies and reinforces our role in setting new benchmarks for security and efficiency in digital transactions."
"We are thrilled to join forces with Mastercard to introduce its Payment Passkey Service in
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240828688022/en/
Media
Biz Cozine, Global Communications, Mastercard
Biz.Cozine@mastercard.com
Tarun Nagrani, India Communications, Mastercard
Tarun.Nagrani@mastercard.com
Agency Communications Contact
Stuti Soni, MSL Group
Stuti.Soni@mslgroup.com
Source: Mastercard Investor Relations
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