Mastercard and Tap Payments have announced a new collaboration to introduce the Click to Pay with Payment Passkey service, aimed at transforming the eCommerce experience. This innovative service, initially launching in the United Arab Emirates (UAE), will expand to other regions across Eastern Europe, the Middle East, and Africa. It promises to streamline online transactions by utilizing biometric authentication such as fingerprints or facial recognition, eliminating the need for traditional passwords and one-time-passcodes (OTPs), making payments both faster and more secure.
Enhancing Security and Convenience with Payment Passkeys
Payment Passkeys are device-based biometric authentication tools that improve the security and efficiency of online payments. When shoppers use the new service, their Mastercard, stored with Click to Pay, is recognized automatically during checkout. The user is authenticated through their device’s biometrics or email address, ensuring smooth and secure transactions.
One of the standout features of this service is that no payment details or biometric data are shared with third parties, ensuring that privacy remains a top priority. This level of security is essential in an era of increasing online fraud and identity theft.
Maria Parpou, executive vice president at Mastercard Gateway, highlighted the company’s commitment to enhancing the eCommerce experience by prioritizing both security and convenience through innovative technologies like the Payment Passkey service.
Innovation in eCommerce Payments
Tap Payments Co-founder and CEO Ali Abulhasan stated that this collaboration with Mastercard is pushing the boundaries of innovation in the eCommerce sector. By integrating Payment Passkey into the Click to Pay framework, online transactions can be completed with greater ease and safety, positioning the service as a game-changer in digital payments.
The Payment Passkey service, which first debuted in India in August, has already proven to be effective in preventing online fraud by replacing the need for vulnerable passwords and OTPs. Following the success of its pilot program in India, Mastercard is expanding this service to more markets globally, further reinforcing its commitment to digital transformation and enhanced payment security.
Benefits for Emerging Markets
This collaboration is particularly beneficial for emerging markets, where the need for secure, frictionless payments is growing. According to Tine Fincioen, Mastercard’s executive vice president of digital transformation, the combination of security and ease of use will help increase adoption in these regions, where mobile and online payment solutions are becoming more prevalent.
Mastercard’s continuous collaboration with FinTech companies and financial institutions is also aimed at improving consumer engagement with various digital products and services. The Payment Passkey technology, combined with Mastercard’s extensive payments network, will allow businesses to offer a more seamless and secure online shopping experience.
Click to Pay: A Global Payment Solution
Introduced five years ago as Secure Remote Commerce, Click to Pay has become a reliable solution for both consumer-facing and B2B transactions. By integrating Payment Passkeys into the Click to Pay system, Mastercard is ensuring that the future of online payments is secure, efficient, and accessible to a global audience.
Jennifer Marriner, executive vice president of global acceptance solutions at Mastercard, emphasized the importance of Click to Pay in providing a consistent and secure digital payment experience across various online platforms and markets.
With Mastercard and Tap Payments leading the way in digital payment innovations, consumers and merchants can look forward to a faster, safer, and more convenient online shopping experience, powered by cutting-edge biometric technology.
