What is Mastercard Payment Passkey?
- The Payment Passkey Service uses biometric authentication (fingerprints, facial scans) tied to specific devices, replacing traditional passwords and OTPs.
- This innovation simplifies online shopping by making transactions faster and more secure, helping users avoid the pitfalls of forgotten or compromised passwords.
How Does Mastercard Payment Passkey Work?
- The service combines passkeys and tokenization to secure online transactions, ensuring no financial data is shared with third parties, making it useless to fraudsters.
- Here’s how it works:
- Step 1: Shoppers select their Mastercard at checkout, either as a guest or from a securely stored card on file.
- Step 2: Users authenticate the payment using their device’s biometric features (fingerprint, facial scan, or PIN).
- Step 3: Upon successful authentication, the payment is instantly completed.
Why is it Safer?
- The Mastercard Payment Passkey Service is designed for tokenized transactions, which are known to significantly reduce fraud and increase approval rates.