The Mastercard Payment Passkey Service is designed to enhance the consumer journey in online shopping. Credit: MMXeon/ Shutterstock.

Mastercard has collaborated with Sympla, a Brazilian events platform, and payments orchestrator Yuno to launch the Mastercard Payment Passkey Service in Latin America.  

This aims to streamline e-commerce transactions by utilising biometric authentication for secure and convenient online checkouts.  

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Sympla and Yuno will be the first in the region to offer this solution from January, with plans for a broader rollout thereafter. 

The Mastercard Payment Passkey Service is designed to enhance the consumer journey in online shopping.  

By using device-based biometrics, such as fingerprints or facial scans, it replaces traditional authentication methods like one-time passwords (OTPs), enhancing security and convenience for online transactions. 

Payment passkeys are said to offer a more secure alternative to OTPs, which are increasingly susceptible to online scams. 

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The service utilises Mastercard’s tokenisation technology, which safeguards card data by replacing the primary account number (PAN) with a secure token to ensure that sensitive card information is not shared with third parties and remains protected in the event of a data breach. 

With the introduction of payment passkeys, shoppers can select their Mastercard card during the click to pay checkout process or choose a card securely stored with a merchant.  

For e-commerce businesses, the Mastercard payment passkey service promises to reduce cart abandonment and fraud risk.  

Mastercard Latin America and the Caribbean Core Products executive vice president Silvana Hernandez said: “Mastercard is committed to building a payment experience where convenience and security coexist and partnering with Sympla and Yuno marks a significant step towards advancing payment authentication in the region.”  

Last month, Mastercard announced its vision to eliminate the need for manual card entry and passwords by 2030 for online checkout, opting instead for tokenisation and biometric authentication.