Maria Parpou, executive vice president of Mastercard Gateway, and Ali Abulhasan, co-founder and CEO of Tap Payments, have announced a significant partnership.
Tap Payments, a prominent payment institution and technology provider in the Middle East and North Africa, has collaborated with Mastercard to introduce the world's first Click to Pay with Payment Passkey service. This groundbreaking innovation represents a major advancement in secure online shopping worldwide. Payment Passkeys revolutionize the online shopping experience by replacing cumbersome One-Time-Passwords (OTPs) with straightforward biometric authentication methods such as fingerprints or facial scans. This groundbreaking technology, launched through Mastercard's Payment Gateway by Tap Payments, not only accelerates transactions but also significantly enhances fraud resistance.
Global consumer preferences are evident: Mastercard research indicates that 90% of consumers favor biometric security over traditional passwords. The new service seamlessly integrates Click to Pay's secure tokenization with biometric verification, fortifying consumer data protection. Returning shoppers are automatically identified through their device or email, simplifying the checkout process while maintaining the highest levels of security.
"At Tap Payments, our commitment is to deliver unparalleled payment experiences to our customers. We believe that every digital transaction is a moment of trust between merchants and shoppers, which is why we continuously implement robust security measures. Our latest collaboration with Mastercard is setting new benchmarks in e-commerce innovation, making online payments simpler, quicker, and more secure than ever," stated Ali Abulhasan, co-founder and CEO of Tap Payments.
"Our partnership with Tap Payments establishes a new benchmark for secure and seamless online transactions. By combining Click to Pay with Payment Passkey, Mastercard is enhancing the e-commerce experience, ensuring that shoppers can transact with confidence and ease, supported by technology that prioritizes both security and convenience," commented Maria Parpou, executive vice president of Mastercard Gateway.
Initially debuting in the UAE, this pioneering service will subsequently expand across Eastern Europe, the Middle East, and Africa, solidifying MENA's status as a burgeoning fintech hub. The technology integrates industry standards from EMVCo, World Wide Web Consortium (W3C), and FIDO Alliance to establish a comprehensive secure payment ecosystem.
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