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- Mastercard launched its Payment Passkey Service in India.
- This service has been launched at the Global Fintech Fest in Mumbai.
- Mastercard has launched its Payment Passkey Service to make shopping more secure and easier.
- This service has been introduced in India as a pilot project with some of the nation’s largest payment players, such as Juspay, Razorpay, and PayU.
- Payment passkeys use device-based biometric authentication methods such as fingerprints or facial scans.
- Users could use biometric authentication mechanism features on their device—whether it’s a fingerprint, face scan, or PIN to confirm the payment.
- The payment passkeys will replace passwords and the OTP mechanism, and it will be more secure against fraud and scams.
- In the last two years, the incidence of fraud cases has surged by nearly 300 per cent in India.
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