Mastercard launches payment service with Passkeys in India Mastercard introduces new payment service with Passkeys in India
As part of its efforts to revolutionize the digital payment landscape in India, Mastercard has launched a new payment service that utilizes Passkeys. This innovative approach aims to enhance security and user-friendliness in online transactions by replacing traditional passwords with modern authentication methods.
Mastercard stated in a press release that the implementation of Passkeys is a response to the increasing challenges in cybersecurity. According to the company, Passkeys provide a secure way to log into various online services. This method relies on the use of cryptographic keys that are unique to each user and each service. This not only reduces the risk of data breaches but also allows for faster access to services.
India, with its rapidly growing digital economy, presents a strategic market for Mastercard. The company sees significant potential in the adoption of this technology as more and more consumers switch to digital payment methods.The payment service provider emphasizes that in a country of 1.4 billion people, there is a need to create a secure and reliable system to meet consumer needs.
In a conversation with journalists, a representative from Mastercard explained that the introduction of passkeys is not just a technical step but also an attempt to strengthen users' trust in digital payments. The foundation for the acceptance of digital payments is consumer trust, and with the new technology, the company aims to ensure that sensitive information is protected.
Additionally, concerns regarding the security issues associated with traditional passwords have been highlighted. According to Mastercard, many consumers are unaware of the risks posed by weak or reused passwords. Thus, the new service aims to foster better security awareness among users, as passkeys make risky handling of access data impossible.
Mastercard also plans to form partnerships with local banks and payment providers to accelerate the spread of the new service in India. Collaborating with established banks could help ensure that even more consumers gain access to this security technology. Initial test runs of the new system are already showing promising results, and Mastercard is optimistic that it will soon be widely available.
The reactions to this initiative have largely been positive. Market analysts believe that the introduction of passkeys in India could be an important step for the entire industry. In light of recent developments in the digital payment space, this could serve as a catalyst for other companies to implement similar security solutions.
Overall, it can be concluded that Mastercard is striving for significant progress in the world of payments with this new initiative.Passkeys could not only increase security standards but also help promote the broader acceptance of digital payment methods. The coming months will show how consumers respond to these new possibilities and whether the set goals can be achieved.
Author: Anita Faake, Thursday, September 5, 2024
