About Payment Passkey Service:
- It uses device-based biometric authentication methods such as fingerprints or facial scans.
- It will provide customers with a non-OTP-based solution for transaction management.
- Working
- Passkeys work using algorithms to encrypt data so users can verify their identity fast and securely.
- When users first sign into an account, their device creates a pair of keys: one that is public and shared with the website to validate the passkey, and one that is private on your device to unlock the passkey to access your account.
- And it can work across devices from the same operating system: If you set up a passkey for an app or website on your phone, it can work if you log in from your laptop or tablet.
- Advantage: By replacing traditional passwords and OTPs, the Mastercard Payment Passkey Service makes transactions not only faster, but also more secure against fraud and scams.
- Passkeys can be used for payments. Payment passkeys offer a more secure and easier way for cardholders to authenticate themselves during e-commerce transactions on web or merchant apps.
