MEXICO CITY, Dec. 9, 2024 /PRNewswire/ — A staggering 85% of consumers in Latin America prefer biometric authentication over traditional passwords for online transactions, according to research by Mastercard, which is set to introduce Payment Passkey in the region, a service designed to streamline secure online payments for shoppers.
This method “will use device-based biometrics, such as fingerprints or facial scans, to replace other methods like one-time passwords (OTPs),” and will be available starting in January through a partnership between Mastercard, Brazilian platform Sympla, and Yuno, a payment orchestrator founded by Colombians Juan Pablo Ortega and Julián Núñez.
“Payment passkeys align perfectly with Yuno’s strategy to quickly adopt and implement innovations. Being the first orchestrator to deploy them with Mastercard demonstrates our commitment to market leadership. By simplifying authentication and reducing friction in the payment process, payment passkeys drive higher conversion rates, more satisfied customers, and a better payment experience for everyone,” said Juan Pablo Ortega.
For Mastercard aims to simplify e-commerce, revolutionize the consumer experience, and make users less vulnerable to online scams like phishing, SIM swapping, and message interception, which have become increasingly common with OTPs.
The company also sees this as essential given the high demand for e-commerce and the region’s significant retail sales, which are on track to reach $180 billion in 2024. This outlook appears favorable in the medium and long term, according to the Latin America Ecommerce Forecast.
“Mastercard is committed to building a payment experience where convenience and security coexist. Partnering with Sympla and Yuno marks a significant step forward in advancing payment authentication in the region,” said Silvana Hernández, executive vice president of Core Products for Mastercard Latin America and the Caribbean. Tokenization technology
According to Mastercard, the Payment Passkey service employs tokenization technology to replace the primary account number (PAN) with a token. This ensures that “card information is not shared with third parties and is useless to fraudsters in the event of a data breach.”
Biometric technology is a growing trend in the region and globally, with 90% of consumers considering it the safest method. Marina Teixeira, product manager at Sympla, emphasized the importance of the Mastercard Payment Passkey service and reiterated its “commitment to security, solidifying Sympla as the most trusted and innovative platform in the Brazilian market.”
www.mastercard.com
SOURCE Mastercard
