Mastercard has chosen India for the global launch of its Payment Passkey Service, enhancing online checkout security.
Takeaway Points
- Mastercard Chooses India for the Global Launch of its Payment Passkey Service,
- The aim is to make online shopping more secure and easier than ever.
- The company is set to roll out the Mastercard Payment Passkey Service to more consumers and financial institutions around the world over the coming months.
Why did Mastercard choose India for the global launch of its Payment Passkey Service?
Mastercard, the global technology company in the payments industry, on Thursday said it announced during a keynote presentation at Global Fintech Fest in Mumbai the worldwide launch of its new Payment Passkey Service to make online shopping more secure and easier than ever.
Debuting first in India as a pilot with some of the nation’s largest payment players, including payment aggregators such as Juspay, Razorpay, and PayU, online merchants such as BigBasket, and leading banks such as Axis Bank, the service will give millions of consumers more control and peace of mind when checking out online, Mastercard said.
In India, the incidence of fraud cases has surged by nearly 300% in the last two years, as reported by the Reserve Bank of India’s Annual Report for 2023-2024.
Jorn Lambert, chief product officer at Mastercard, said, “By introducing the Mastercard Payment Passkey Service in India, we’re advancing secure online checkout and our vision for a token economy. Through innovative technology that enhances security and convenience, we’re creating a more transparent commerce ecosystem for all. As we continue to lead the way in digital payments, our commitment to achieving a tokenized future is stronger than ever.”
The Mastercard Payment Passkey Service uses tokenization to secure a consumer’s payment details and biometric data, ensuring that no data is shared with third parties and is useless to fraudsters and scammers, the company said.
The company is set to roll out the Mastercard Payment Passkey Service to more consumers and financial institutions around the world over the coming months.
Mastercard partners commented
Sanjeev Moghe, president and head, Cards & Payments, at Axis Bank, said, “We are excited to be partnering with Mastercard to pilot its Payment Passkey Service as an alternate transaction authentication method and provide our customers a non-OTP-based solution for transaction management. This will allow us to provide more engaging usage and in-app experience for customers who desire enhanced security and frictionless payments.”
Sheetal Lalwani, chief operating officer and co-founder of Juspay, said, “Enabling this industry-first proof of concept underscores Juspay’s commitment to empower merchants with innovation and technology that improves the e-commerce experience. We believe this solution will help our merchant customers improve payment success rates and overall sales. With this pilot, merchants can significantly improve the payment experience for end consumers, allowing them to make payments easily, without multiple redirects, in a safe and secure way using device biometrics. We are working with Mastercard in shaping a future where digital payments are seamless and accessible to all, enabling merchants to better serve their customers.”
About Mastercard
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
