PayU Payment Gateway: MasterCard Debuts Biometric Key Payments in India, Rolls Out Globally in the Future

To enhance the online payment experience for consumers, Mastercard has launched the Payment Passkey Service in India. The service, which enhances transaction security through the use of biometrics, is scheduled to be piloted with a number of payment players in India, including payment aggregators Juspay, Razorpay and PayU, e-commerce platforms such as bigbasket, and banks such as Axis Bank. Additionally, with this service, Mastercard hopes to give customers greater control, convenience and security when making payments online. Payment Passwords simplifies the online shopping process by replacing traditional passwords and one-time passwords (OTPs) with device-based biometric authentication methods, including fingerprint recognition and facial scanning. mastercard's service uses passwords and tokenisation technology to protect consumers during the online payment process, with a focus on securing the transaction, while not sharing financial account data with third parties. At checkout, users can choose to use Mastercard as a guest or select a card already stored in the merchant's profile and confirm the transaction through the device's biometric authentication feature. Payment will be completed as soon as the authentication process is complete.

Mastercard's solutions are designed to support tokenised transactions both online and remotely to reduce fraud and increase approval rates. By combining tokenisation of payment credentials with enhanced biometric authentication, Mastercard aims to accelerate and protect the consumer payment process by adhering to industry standards from EMVCo, the World Wide Web Consortium and the FIDO Alliance.

Given the rapid expansion of India's payments ecosystem and tokenisation market, the country is currently implementing payment passwords and advanced biometric authentication technologies to create a more robust payments system. mastercard said that by launching its payment password service in India, the company is committed to advancing the security of online payments and is committed to growing the tokenisation economy. Additionally, through this technology, Mastercard hopes to increase transparency for all participants in the commerce ecosystem and support the realisation of a more inclusive, convenient and secure commerce environment in India.

In addition, following an initial pilot programme in India, Mastercard plans to roll out the Payment PIN service to more consumers and global financial institutions in the coming months.