Mastercard has debuted its Payment Passkey Service in India ahead of a prospective global rollout.

The service aims to offer a more secure experience for customers during their online checkout payments transactions, via the use of tokenization and biometric data authentication methods.

The new payment process aims to replace traditional passwords and one-time password (OTPs), to make payments faster and more secure against fraud and scams.

During online checkout, users will be able to use biometric authentication mechanisms features on their device, choosing from a range including fingerprint, face scan or PIN identification to streamline online shopping experiences.

The bank is currently launching the service as a pilot, partnering with a range of well-known payment aggregators including Juspay, Razorpay and PayU; online merchants such as BigBasket; and banks including Asia Bank.

Following the initial pilot program in India, the company plans to roll out the Mastercard Payment Passkey Service to more consumers and financial institutions around the world over the coming months.  

Jorn Lambert, chief product officer at Mastercard, said the initiative highlights the firm’s commitment to achieving a ‘tokenized future’ to enhance security and convenience for its customers.

“By introducing the Mastercard Payment Passkey Service in India, we’re advancing secure online checkout and our vision for a token economy,” he said.

The firm added in a statement that the initiative complies with EMVCo, World Wide Web Consortium and FIFO Alliance industry standards.

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