Context:
Mastercard, a global technology in the payments industry announced the worldwide launch of its new Payment Passkey Service.
Relevance:
Facts for Prelims
Payment Passkey Service:
- The service leverages device-based biometric methods such as fingerprints or facial scans for user identification.
- It provides an alternative to one-time passwords (OTPs), enhancing the ease and security of transaction management.
- Operational Mechanism:
- Encryption and Key Management: Utilizes encryption algorithms to ensure secure and swift identity verification. Upon initial sign-in, the system generates a pair of keys: a public key shared with the service provider for passkey validation and a private key stored on the user’s device to unlock the account.
- Cross-Device Functionality: The passkey setup is versatile, working across multiple devices sharing the same operating system, allowing seamless access whether logging in from a phone, laptop, or tablet.
- Benefits:
- Enhanced Security and Speed: Replaces traditional passwords and OTPs, significantly reducing the transaction time and increasing protection against fraud and scams.
- Broad Usability: Passkeys are suitable for a wide range of payment and e-commerce transactions, offering a simplified and secure authentication process for users.
-Source: The Hindu
