The new addition will address the security concern regarding password authentication. Credit: PayPal.

Payments giant PayPal has announced the launch of passkeys to offer an easy and safe login method to its account holders.       

The technology that operated through cryptographic key pairs was developed by FIDO Alliance and the World Wide Web Consortium.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

According to the company, passkeys are “resistant to phishing” and ensures that no passkey data are shared between platforms.    

Through the new addition, PayPal seeks to address the security concern regarding password authentication as consumers reuse the same passwords across online platforms.

As a replacement for passwords, the passkeys will enable customers to make their purchases and check out via their PayPal accounts without the need to remember their password.       

The easy checkout option will also enable PayPal to draw more customers. 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

PayPal head of consumer Doug Bland said: “Launching passkeys for PayPal is foundational to our commitment to offering our customers safe, secure and easy ways to access and manage their daily financial lives.

“We are excited to provide our customers a more seamless checkout experience that eliminates the risks of weak and reused credentials and removes the frustration of remembering a password. We are making it easier for customers to shop online.”

 PayPal is said to be one of the first financial services firms to introduce passkeys to its users.

 With its initial launch in the US, PayPal passkeys is expected to be rolled out for customers in other countries in 2023. Currently available for iPhone, iPad and Mac users, the new security standard will be extended to other platforms once they add support for passkeys.