Mastercard has launched its Payment Passkey Service, a biometric authentication system designed to replace one-time passwords (OTPs) with device-native biometrics for secure online payment verification. The system combines tokenization technology with decentralized biometric data storage, ensuring privacy and interoperability across devices while aligning with EMVCo Secure Remote Commerce and FIDO Alliance standards. Initially deployed with DBS Bank and UOB in the Asia Pacific region, the service aims for global expansion in 2024, enhancing payment security and convenience through integration with financial institutions and digital platforms.
Mastercard Launches Payment Passkey Service, Replacing OTPs with Biometric Authentication
