Mastercard Introduces Biometric Payment Passkey Service Globally, Pilots in India to Boost Online Security

Mastercard has globally launched its Payment Passkey Service, beginning with a pilot in India, to enhance online shopping security through biometric authentication and tokenization. This innovative service replaces traditional passwords and OTPs, offering consumers faster, more secure checkouts.


2 September 2024 – At the Global Fintech Fest in Mumbai, Mastercard unveiled its new Payment Passkey Service, aiming to revolutionize online shopping security and convenience. Initially piloted in India with major payment aggregators like Juspay, Razorpay, and PayU, as well as prominent online merchants like bigbasket and banks such as Axis Bank, the service empowers millions of consumers with greater control and peace of mind during online transactions.

Despite the widespread use of one-time passwords (OTPs) for their simplicity, they have become increasingly vulnerable to online scams such as phishing, SIM swapping, and message interception. According to the Reserve Bank of India’s 2023-2024 Annual Report, fraud cases in India have surged nearly 300% over the past two years, highlighting the need for more secure alternatives.

Mastercard’s Payment Passkey Service introduces device-based biometric authentication—like fingerprints and facial recognition—as a secure and streamlined replacement for traditional passwords and OTPs. This service not only speeds up the checkout process but also significantly enhances protection against fraud. By eliminating the risk of forgotten or compromised passwords, consumers can enjoy a smoother, more secure online shopping experience.

The service employs tokenization to safeguard payment details and biometric data, ensuring that no sensitive information is shared with third parties. The process is simple: consumers select their Mastercard at checkout, authenticate using their device’s biometric features, and the payment is instantly processed.

Jorn Lambert, Mastercard’s Chief Product Officer, emphasized the company’s commitment to advancing secure online transactions, stating, “By introducing the Mastercard Payment Passkey Service in India, we’re not only enhancing the security of online checkouts but also driving our vision of a tokenized future.”

India, with its rapidly evolving payment ecosystem, is well-positioned to adopt this advanced technology in line with the Reserve Bank of India’s goal of creating a safer, more resilient payment infrastructure. For businesses, this means fewer abandoned carts and reduced fraud, while consumers benefit from faster, more secure transactions.

Following its pilot phase in India, Mastercard plans to expand the Payment Passkey Service to more consumers and financial institutions globally in the coming months.

Author: Terry KS

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