What is Payment Passkey Service?

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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.

Q1: What is Tokenization?

It refers to replacement of actual credit and debit card details with an alternate code called the “token”.It is a combination of card, token requestor and device.

Source: Mastercard chooses India for world debut of Payment Passkey Service