Mastercard has introduced its Payment Passkey Service, a biometric authentication system designed to eliminate one-time passwords (OTPs) by using device-native biometrics for online payment verification.
Announced at the Singapore Fintech Festival, the service integrates tokenization technology with biometric authentication, allowing users to authenticate payments through their device’s built-in biometric sensors rather than entering OTP codes.
The service is compatible with the EMVCo Secure Remote Commerce standard and aligns with FIDO Alliance protocols for passwordless authentication, ensuring interoperability across devices and platforms.
Tokenized payment credentials and biometric data are stored locally on users’ devices, following a decentralized approach that addresses privacy by keeping sensitive data off remote servers.
Initial deployment has begun with DBS Bank and United Overseas Bank (UOB) in the Asia Pacific region, where the service is being integrated into their digital banking platforms. The Payment Passkey Service also supports Click to Pay, Mastercard’s initiative for secure guest checkouts, enhancing user convenience while maintaining security.
Mastercard plans to expand the service globally throughout 2024, working with financial institutions, merchants, and digital wallet providers to integrate the technology into broader payment ecosystems.
Source: ID Tech
November 12, 2024 – by the Mobile ID World Editorial Team
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