What is Payment Passkey Service?

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