He 85% of consumers in Latin America prefer biometric authentication over traditional passwords to carry out online transactions, according to a study by Mastercardso it will implement the service in the region Payment Passkeydesigned to streamline online payments securely.
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The system “will use device-based biometrics, such as fingerprints o facial scansto replace other methods such as one-time passwords (OTP)”. This innovation will be possible thanks to Mastercard’s collaboration with the Brazilian platform Sympla and Yunoa Colombian payment orchestration company founded by Juan Pablo Ortega and Julián Núñez.
“Payment keys align perfectly with Yuno’s strategy of adopting and implement innovations quickly, and being the first orchestrator to implement them with Mastercard demonstrates our commitment to leading the market. When doing the easier authentication and reduce friction in the checkout process, payment keys drive higher conversion rates, most satisfied customers and a better experience”said Juan Pablo Ortega, general director of Yuno.
Mastercard’s goal with Payment Passkey is simplify e-commerce and reduce vulnerabilities to online scams, such as phishing, SIM swapping and message interception, Common risks associated with OTPs.
Furthermore, the American financial company considers the high demand for e-commerce and the large number of retail sales in the Latin American region, which are on their way to achieving the 180 billion dollars this 2024a panorama that is forecast favorable in the medium and long term, according to the ‘Latin America Ecommerce Forecast’.
“Mastercard seeks to build a payment experience where convenience y security coexist. The partnership with Sympla and Yuno represents an important step towards payment authentication in the region”said Silvana Hernández, executive vice president of Core Products for Latin America and the Caribbean at Mastercard.
Use of tokenization
The Payment Passkey service also uses tokenization To replace the primary account number (PAN) with a token, this mechanism prevents card information from being shared with third partiesmaking them useless to scammers in the event of a data breach.
The benefits of this technology for electronic commerce include the reduction of abandoned carts due to complications in the payment process and a new alternative for issuers, such as banks, to authenticate cardholders, reducing the risk of fraud.
Biometric technology continues to gain ground in the region, where the 90% of consumers consider this method the safestso the Product Manager of the Sympla Group, Marina Teixeira, highlighted the Mastercard Payment Passkey service and reinforced its “commitment to safetyconsolidating Sympla as the most reliable and innovative platform in the Brazilian market”.
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