Mastercard Incorporated MA has launched its new Payment Passkey service worldwide to improve the security and convenience of online shopping.
The Mastercard Payment Passkey Service is designed for online and remote token transactions, reduces fraud and improves approval rates.
By combining tokenized payment data with biometric authentication, Mastercard integrates industry standards from EMVCo, the World Wide Web Consortium and the FIDO Alliance to improve and secure the payment process.
The service uses passkeys and tokenization to secure online transactions and ensures that no financial account information is shared with third parties, making it ineffective for fraudsters and scammers.
First in India with large payment aggregators such as Juspay, Razor bladesAnd PayU and online retailers such as Large basket And Axis BankThe service is intended to give consumers more control and security when checking out online.
According to the Reserve Bank of India’s Annual Report 2023-2024, fraud cases in India have increased by almost 300% in the last two years.
Jorn Lambert, Chief Product Officer at Mastercard, said: “Through innovative technology that improves security and convenience, we are creating a more transparent commerce ecosystem for all. As we continue to lead the way in digital payments, our commitment to a tokenized future is stronger than ever.”
Following the initial pilot project in India, Mastercard plans to expand its Payment Passkey service to other consumers and financial institutions worldwide in the coming months.
This week, Mastercard cooperated with More information.a fintech company that provides flexible money access to expand payment and withdrawal services in the public sector.
Investors can participate in the share via iShares US Financial Services ETF IYG ticked and SPDR funds with selected financial sectors XLF.
Price promotion: MA shares closed 0.67% lower at $471.80 on Wednesday.
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