MasterCard has chosen India to launch its Payment Passkey Service.
The security measure for online payments comes at a time when India is battling a rise in fraud cases, according to a statement released on Thursday (29 August). Press release.
“Despite the increasing popularity of One-time passwords (OTPs) due to their ease of use, they are increasingly vulnerable to online fraud such as phishing, SIM swapping and message interception,” the press release said. “In India, the number of fraud cases has increased by almost 300% in the last two years, according to the Reserve Bank of India‘S Annual Report for 2023-2024.”
Payment passwords can help solve the problem by using device-based biometric authentication methods such as fingerprints or facial scans to simplify online shoppingaccording to the press release. The Mastercard service uses Tokenization to secure a consumer’s payment details and biometric data and ensure that the data is not shared with third parties and is unusable by fraudsters.
When paying as a guest, buyers select their Mastercard or a card already stored with the merchant.says the statement. Customers can confirm the payment using biometric authentication mechanisms on their devices. The This can be a fingerprint, a facial scan or a PIN. Payments are completed immediately after authentication.
The development and use of passkeys is probably one of the important Security Stories of the year, wrote PYMNTS in May, following Product announcements from Mastercard and visa who are concerned about the technology.
Meanwhile, the PYMNTS intelligence report reports:Consumer authentication preferences for online banking and transactions” found that consumers want to use passkeys or other authentication tools that do not require entering a password. Younger generations particularly are ready to eliminate passwords in favor of more advanced identity technologies such as biometrics.
“But like most habits, traditional password Authentication “Use is difficult to crack,” PYMNTS wrote in January. “Fast Identity Online, the global passwordless digital authentication standard, has been trying to move away from password authentication for over a decade.”
Russian inscriptions from Entersect told PYMNTS in 2022 that it would take time to unravel the decades-old Authentication System.
“As much as we hate it for security reasons, people still find it (passwords) pretty easy,” Rusi said. “They are pretty ubiquitous, And She do not require any special technology.”
