In a move set to revolutionize online shopping in the Middle East and North Africa (MENA), Mastercard has joined forces with noon Payments to introduce its innovative Payment Passkey Service to the region. Starting with the United Arab Emirates, noon Payments will be the first payment provider in the region to offer this cutting-edge technology, paving the way for a more secure and seamless online checkout experience.
This collaboration aims to eliminate the need for traditional passwords and one-time passwords (OTPs) by leveraging device-based biometrics such as fingerprints and facial recognition. This shift towards passwordless authentication promises to enhance security, improve convenience, and reduce fraud for online shoppers.
Mastercard’s Payment Passkey Service utilizes biometric authentication to verify transactions, making online shopping faster, easier, and more secure. By replacing vulnerable passwords and OTPs, which are susceptible to phishing and other scams, payment passkeys offer a robust defense against fraudsters.
“Mastercard is dedicated to creating a secure digital payment ecosystem,” says Jorn Lambert, Chief Product Officer at Mastercard. “With payment passkeys, we’re leveraging technology to enhance the digital experience and provide peace of mind for both consumers and businesses.”
With payment passkeys, online shoppers can simply select their preferred Mastercard card during checkout and authenticate the transaction using their device’s biometric capabilities. This streamlined process eliminates the need to remember or enter passwords, reducing friction and enhancing the overall shopping experience.
For e-commerce businesses, this translates to fewer abandoned carts and a lower risk of fraudulent transactions. As the MENA region witnesses a surge in e-commerce activity, with the market projected to reach USD 49.8 billion by 2028, this technology arrives at a crucial time.
noon Payments, a leading payment service provider in the MENA region backed by Saudi Arabia’s Public Investment Fund (PIF), plays a vital role in noon’s expanding digital ecosystem. By offering secure and customizable payment solutions, noon Payments empowers businesses of all sizes across the GCC.
This partnership between Mastercard and noon Payments marks a significant step towards a passwordless future for online shopping in the MENA region. By prioritizing security, convenience, and innovation, this collaboration is poised to transform the e-commerce landscape and empower consumers and businesses alike.
