Mastercard launches its Payment Passkey Service globally in India

Mastercard has globally launched its new Payment Passkey Service to simplify and secure online shopping, starting with a pilot in India. Collaborating with major payment aggregators like Juspay, Razorpay, and PayU, as well as online merchants and banks, the service aims to give consumers more control and peace of mind during checkout.

Unlike traditional one-time passwords (OTPs), which are prone to phishing and other scams, the Payment Passkey Service uses device-based biometric authentication—fingerprints or facial scans—to streamline transactions. This method replaces passwords and OTPs, making transactions faster and more secure. The service uses tokenization to protect payment details and biometric data, ensuring it remains secure from third-party access and fraudsters.

Payment passkeys offer significant benefits, including fewer abandoned carts, reduced fraud, and faster checkouts, enhancing the overall shopping experience. Initially rolled out in India, Mastercard plans to extend the service to more consumers and financial institutions worldwide in the coming months, aligning with global standards to secure and expedite the checkout process.

Source: Mastercard