Source: TH Business Line
Context: Mastercard has debuted its Payment Passkey Service in India, offering a secure, non-OTP-based solution for online transactions.
What is Payment Passkey Service?
The Payment Passkey Service is a secure, non-OTP-based method for managing online transactions. Here’s how it works:
- Authentication Method: Instead of using traditional passwords or one-time passwords (OTPs), this service relies on biometric authentication (fingerprints, facial scans) or PINs available on the user’s device.
- Tokenization: The service uses tokenization to replace sensitive financial information with secure, encrypted tokens. This means your actual financial data is not shared during transactions, enhancing security.
- Transaction Process:
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- When making a purchase, the consumer selects their Mastercard at checkout.
- For payment confirmation, the service utilizes the biometric authentication features on the user’s device.
- Upon successful authentication, the transaction is completed instantly.
Benefits:
- Simplified Transactions: Users avoid the hassle of remembering or sharing passwords and OTPs.
- Enhanced Security: By not exposing financial data and using secure tokens, the service reduces the risk of fraud.
- Faster Checkout: Streamlines the payment process, making online shopping quicker and more efficient.
