Mastercard has partnered with noon Payments to launch the Mastercard Payment Passkey Service in the Middle East, beginning in the UAE.
This groundbreaking service aims to transform the online checkout process by replacing traditional one-time passwords (OTPs) with biometric authentication methods, such as fingerprint or facial recognition. This not only enhances security but also streamlines the user experience, making transactions faster and more convenient.
By leveraging Mastercard’s tokenization technology, the Payment Passkey Service ensures that sensitive data, like card numbers, is replaced with tokens, safeguarding it from third-party access. This advanced system reduces the risks of phishing, SIM swapping, and message interception, all while enhancing fraud prevention for businesses and customers alike.
For e-commerce platforms, this innovation minimizes cart abandonment and provides a smoother checkout experience. Noon Payments, a leading payment service provider in the Middle East, will be the first to offer this service to its merchants and customers, with plans for a broader rollout across the region.
The growing e-commerce market in the Middle East and North Africa (MENA), valued at $29 billion in 2023 and projected to reach $49.8 billion by 2028, makes this launch timely.
Noon Payments, backed by Saudi Arabia’s Public Investment Fund (PIF), has been a key player in supporting regional businesses of all sizes. With this partnership, noon aims to empower local merchants and enhance customer experiences by offering secure, efficient, and cutting-edge payment solutions.
Mastercard’s Chief Product Officer, Jorn Lambert, emphasized the importance of secure digital transactions and the role of biometrics in delivering seamless payment experiences. Hisham Zarka, CTO of noon, expressed excitement about the collaboration, highlighting the service’s potential to simplify online shopping and enhance data protection for consumers.
This partnership represents a significant milestone in advancing payment authentication in the region, setting a new standard for security and convenience in e-commerce.
News Source: AETOSWire
