Mastercard has launched a new biometric authentication service that improves security and convenience for consumers. In the future, it is planned to completely abandon passwords and verification codes and switch only to biometric authentication means. This is reported in the company's release.
►Subscribe to the Ministry of Finance page on Facebook: main financial news
How the new service works
It uses biometric data , such as fingerprints, iris scans and facial recognition, to verify identity and protect personal data.
Using the latest standards, the service creates an encrypted key pair stored on personal devices, ensuring that only unique biometric user data data can unlock this key.
Customers can easily log into applications or make online purchases.
Biometrics will replace passwords and codes
Mastercard biometric authentication service will replace traditional authentication methods in the future, eliminating the need for passwords, identity verification questions, or one-time codes. By using biometrics and new standards, this service is a safer and more convenient alternative.
In addition to enhancing security, Mastercard's biometric authentication service can be used with tokenization to protect payment credentials. Tokenization ensures that payment information cannot be copied or reused, adding another layer of security to online shopping. The process improves security and reduces transaction costs for merchants and financial institutions.