🐘 India🇮🇳: Mastercard launches a new biometric authentication service.

🐘 India🇮🇳: Mastercard launches a new biometric authentication service.

Mastercard has introduced a pilot program called Payment Passkey, which uses fingerprints or facial recognition to optimize online shopping. If successful in India, Mastercard plans to expand this service to other countries where it operates.

▶️ According to the Reserve Bank of India's 2023-2024 annual report, fraud in the country surged by 300% over this period. Unfortunately, One-Time Passwords (OTPs) have become a weak link, with criminals increasingly using phishing, SIM swapping, and message interception tactics.

▶️ To protect payment and biometric data of consumers, the Payment Passkey Service uses tokenization; this ensures that such data will never be shared to third parties.

▶️ By combining payment data tokenization with seamless biometric authentication, Mastercard protects and speeds up the checkout process using EMVCo standards, the World Wide Web Consortium, and the FIDO Alliance.

▶️ Biometrics against fraud: payment providers Juspay, Razorpay, and PayU (similar to India’s UPI), along with online merchants like bigbasket and major banks such as Axis Bank, have partnered with Mastercard to participate in this program.

#news #India

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