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Mastercard bids to kill passwords with new biometric service

Mastercard is hoping to consign passwords to the history books with a new biometric authentication service.

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Mastercard bids to kill passwords with new biometric service

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

More than a decade after it joined the Fido Alliance, Mastercard says its new service will make it easy for businesses to integrate biometrics for users logging into apps or websites and making purchases online.

The service is based on the latest Fido standards, using a passkey that is stored on the user's phone and can only be unlocked with biometrics, like a fingerprint or face, to provide access to the relevant application or website.

Mastercard says that the technology is not only more secure than passwords but also more convenient than multi-factor authentication.

Authentication can happen within the browser or mobile app with a user’s preferred biometric, such as FaceID or fingerprint, without needing to toggle between multiple apps or devices. The service supports all card brands and other forms of payments beyond cards.

Dennis Gamiello, EVP, lead, identity products and innovation, Mastercard, says: "Roughly 80% of confirmed data breaches are related to weak or stolen passwords. The vulnerability of passwords, including one-time passwords used in multi-factor authentication, only increases as we move to a more digital world.

"That’s why we need to replace the password with the person. We are working with our partners around the globe to replace passwords once and for all by accelerating the transition to more seamless and secure authentication, including biometrics."

Learn more about payments at NextGen Nordics on the 23 April 2024.

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