Technology

Mastercard goes OTP-free in APAC for faster, safer online transactions

Published

2 weeks ago

November 6, 2024

Bringing together its leading technology, including tokenization, Click to Pay and biometric authentication via payment passkeys, to help consumers breeze through online checkouts

SINGAPORE, Nov. 6, 2024 /PRNewswire/ — As payments become more intricate, Mastercard today announced the latest enhancement to its new Mastercard Payment Passkey Service which enables secure, on-device biometric authentication through facial scans or fingerprints, the same way consumers unlock their phones every day. By combining the fraud-busting powers of tokenization, convenience of payment passkeys, and the addition of streamlined guest checkout capability courtesy of Click to Pay, consumers can now enjoy seamless, one-click checkout across devices, browsers, and operating systems, eliminating the need for static or one-time passwords (OTPs).

Crucially, by using Mastercard Click to Pay, online shoppers no longer need to have an account or a saved card-on-file with a merchant in order to use biometric authentication with payment passkeys, making quick, easy, secure guest checkout a reality. At the same time, merchants will see fewer abandoned carts, increased sales and fraud protection, while issuers will gain top-of-wallet status and customer security, demonstrating the far-reaching benefits for the entire ecosystem.

Today’s launch at the Singapore FinTech Festival marks the latest milestone in Mastercard’s mission to reinvent checkout. It is also a fast follow to the payment technology company’s global launch of biometric authentication enabled by the Mastercard Payment Passkey Service to millions of consumers in India in August of this year, and subsequent extensions to key markets around the world. In just a few months, the Mastercard Payment Passkey Service has rapidly gained momentum with merchants, and continues to scale as leading banks, payment aggregators and online merchants adopt the service.

“Just as contactless technology made in-person payments seamless and ubiquitous, Mastercard sees the opportunity to bring that same experience to online checkout. That’s why we’re calling ‘time’ on one-time passwords and multi-step payment authentication,” said Sandeep Malhotra, executive vice president, Products & Innovation, Asia Pacific, Mastercard. “With biometric authentication with payment passkeys, shoppers are spared the hassle of cumbersome checkouts while merchants enjoy both speed and security.”

Key benefits of the Mastercard Payment Passkey Service:

Hassle-free Checkout: Payment passkeys offer a frictionless user experience with no waiting for banking applications or push notifications (an especially tiresome endeavour where poor connectivity is an issue).More Sales: Merchants reduce cases of cart abandonment as they make customer transactions faster, easier and more reliable.Tighter Security: By offering biometric authentication, payment passkeys eliminate the risk of passwords being stolen or compromised, protecting shoppers from fraud and scams. Instead of stressing over payment safety, merchants can free up time to focus on customer care and product development to build deeper trust with their customers.

Despite the popularity of passwords and OTPs, these traditional verification methods are increasingly vulnerable to online scams like phishing or being intercepted by fraudsters via screen mirroring. In fact, 80% of confirmed data breaches globally are related to weak or stolen passwords, so it’s no surprise that the majority of consumers (91%) in Asia Pacific worry about cyber threats. To address this, Mastercard Payment Passkeys replace traditional passwords and OTPs with biometric authentication, making transactions faster and more secure by eliminating the risk of losing or inadvertently sharing credentials with scammers.

Importantly, by tokenizing both payment credentials and biometric authentication, the Mastercard Payment Passkey Service ensures that neither the consumer’s payment credentials, nor biometric data are ever shared with third parties, rendering the data useless to fraudsters and scammers.

How it works

Consumers only need to enroll their Mastercard card once to use payment passkeys for online payments.

When checking out, shoppers select their Mastercard card, either as a guest or from a securely stored card on file with the merchant. They then confirm the payment using biometric authentication on their device, such as a fingerprint or face scan.Once authenticated, the payment is instantly completed.

In Singapore, eyewear company Lenskart has already started using biometric payments via the Mastercard Payment Passkey Service, supported by Juspay, as well as major local banks such as DBS and UOB, so buying a pair of glasses is quick, secure, and password-free.

“The Mastercard with Payment Passkey Service is a game-changer for e-commerce,” said Jan Lim, Chief Business Officer, South East Asia, Lenskart. “By eliminating friction points in the customer experience, our glasses are just a click away for shoppers. Meanwhile, instead of having to stress about payment security or order completion, we can focus on creating the best in fashionable eyewear.”

“Launching this industry-first concept in Asia highlights Juspay’s dedication to enhancing e-commerce through innovation and technology,” said Sheetal Lalwani, COO and co-founder of Juspay. “With the Mastercard Payment Passkey Service, merchants will see higher payment success rates and increased sales while consumers can make secure, biometric payments without multiple redirects, making digital payments seamless and accessible.”

By combining the tokenization of payment credentials with seamless biometric authentication, Mastercard is bringing EMVCo, World Wide Web Consortium and the FIDO Alliance industry standards together to speed and secure checkouts.

About Mastercard

Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we’re building a sustainable economy where everyone can prosper. We support a wide range of digital payments choices, making transactions safe, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential.

www.mastercard.com

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SOURCE Mastercard

Technology

Global Gen Z Views on Beijing: A Journey Through the City’s Culture, Innovation, and Ecology

Published

41 minutes ago

November 23, 2024

BEIJING, Nov. 23, 2024 /PRNewswire/ — On November 22, 2024, the “Global Gen Z Views on Beijing” event organized by China Daily New Media Center and 21st Century Media and Education officially launched. The event will spotlight three key themes: Beijing’s cultural legacy, technological innovation, and environmental conservation.

During the event, over 20 international influencers will visit notable sites including the Capital Museum and the Zhoukoudian Site Museum to explore the Beijing’s rich history. They will also visit Beijing’s leading tech enterprises and innovation hubs to experience the city’s technological advancements. Additionally, the influencers will visit iconic locations such as the Yanqing Ecological Civilization Exhibition and the Beijing Wild Duck Lake National Wetland Park, gaining a firsthand perspective on the integration of environmental conservation and industrial development in the city.

Through dynamic and youthful storytelling, the event aims to showcase Beijing’s rich cultural heritage and its achievements in sustainable, high-quality development to audiences worldwide. During the first day of the event, Veronica, an Italian exchange student at Tsinghua University, expressed her excitement, saying, “I am delighted to be part of this event. My deep interest in Chinese culture brought me to China for my studies, and I have gained a lot from this experience.”

This event serves not only as a cultural exploration but also as a key platform for sharing Beijing’s historical and modern development with audiences worldwide. Through the influencers’ firsthand experiences, Beijing’s rich cultural heritage and contemporary achievements will be vividly showcased to worldwide audiences. This event offers an international stage for Beijing to highlight its unique appeal, while promoting cultural exchange and fostering global understanding.

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SOURCE China Daily

Technology

China Telecom Gulf Officially Launches in Saudi Arabia for Business

Published

2 hours ago

November 23, 2024

HONG KONG, Nov. 23, 2024 /PRNewswire/ — On November 21, China Telecom Gulf was officially launched in Riyadh. This milestone marks a significant step in China Telecom’s efforts to provide deep services under the “Belt and Road Initiative” and to promote the building of a “China-Arab Community with a Shared Future.” It signifies another solid advancement on China Telecom’s path toward internationalization. Mr. Liu Guiqing, Executive Director and EVP of China Telecom Corporation, delivered an opening speech, along with Mr. Fawaz, Representative of Contact Office of Chinese Companies in the KSA, Deputy General Manager of Industrial and Commercial Bank of China Riyadh Branch. Over 100 guests and leaders from the Economic and Commercial Office of Embassy of the PRC of the KSA, Saudi Telecom Company(STC), Bank of China, Huawei, and others attended to witness this momentous occasion.

In his address, Mr. Liu Guiqing emphasized China Telecom’s commitment to openness, cooperation, and mutual benefit. He expressed the company’s willingness to share its experiences in cloud-network integration, cloud transformation, intelligent operations, and technological innovation. China Telecom aims to work closely with various levels of Saudi governments, enterprises, and partners to actively participate in the development of local digital infrastructure, drive the rapid advancement of next-generation information technologies, and establish a robust bridge for cooperation between China and Saudi Arabia in the field of information technology. Leveraging its extensive resources and global operational capabilities, China Telecom plans to bring its strengths in 5G, cloud computing, artificial intelligence, and other fields to provide innovative, high-quality communication products and services to Saudi enterprises, institutions, and consumers.

Mr. Fawaz extended his warm congratulations on the opening of China Telecom Gulf. He highlighted that as a leading global provider of communication services, China Telecom possesses abundant cloud-network resources and mature international service capabilities. The establishment of China Telecom Gulf is a significant step toward supporting the digital transformation of businesses in the region. He expressed confidence that through joint efforts, the company will seize opportunities in the digital era and contribute to Saudi Arabia’s socio-economic development and practical cooperation between China and Saudi Arabia in various fields.

China Telecom showcased its global resources, business capabilities, and its investments and partnerships in the Middle East and Africa. Key services introduced included eSurfing Cloud, computing power solutions, quantum technology, and customized 5G networks. Currently, China Telecom operates branches in 42 countries and regions worldwide, owns 53 international submarine cables, and manages 27 self-operated Internet Data Centers (IDCs). Its cloud-network integrated infrastructure and customer-centric digital service systems provide coverage across the globe.

During the event, China Telecom Gulf signed strategic cooperation agreements with Saudi Telecom Company (STC), Huawei Saudi Arabia, and Baud Telecom Company. The parties committed to deep collaboration, leveraging their respective strengths to provide optimized and convenient digital experiences to Saudi customers.

The establishment of China Telecom’s presence in Saudi Arabia marks a major milestone in the company’s entry into the Middle Eastern communications market, representing a key development in its global strategy. Moving forward, China Telecom Gulf will leverage China Telecom’s robust digital infrastructure and resource integration capabilities. We will collaborate closely with local Saudi enterprises, Chinese businesses expanding internationally, and global companies to strengthen cooperation and enhance exchanges. The company aims to contribute to the growth of Sino-Saudi and Middle Eastern industrial cooperation, continuously offering more smart solutions for the development of the Middle East’s digital economy, while striving to become a world-class provider of digital and intelligent technology services.

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SOURCE China Telecom Global

Technology

China set to narrow digital divide

Published

2 hours ago

November 23, 2024

BEIJING, Nov. 23, 2024 /PRNewswire/ — A news report from chinadaily.com.cn：

Representatives discuss hot topics faced by countries in digitalization

China’s forward-looking vision on the future development of the internet offers a glimpse into how cooperation can narrow the digital divide across the world, at a time when an economic slowdown and impeded globalization have stunted growth worldwide, said government officials and industry experts on Friday.

They made the remarks at the 2024 World Internet Conference Wuzhen Summit that ended in Wuzhen, Zhejiang province on Friday.

They also sought more global cooperation to advance the development of the internet in less-developed economies and enhance digital competence for all.

Ren Xianliang, secretary-general of the WIC, said at a news conference, “More efforts should be made to help make the internet a new frontier for all parties to cooperate and continue to create more convergence of interests, growth points of cooperation and new highlights of win-win scenarios in cyberspace.”

“All parties around the world are expected to join hands to build a cyber world where human beings coexist, jointly create a digital future of win-win cooperation and make cyberspace better for all peoples of the world,” he said.

More than 1,800 representatives from governments, international organizations, industry associations, internet enterprises, universities and think tanks from over 130 countries and regions attended this year’s summit, addressing some of the hottest topics faced by countries in digitalization.

Teo Nie Ching, deputy minister of communications of Malaysia, said at the conference that digital transformation is not solely about technological advancement, but also a reflection of human values and actions.

“As technology progresses, we must uphold a core principle of people-centered and holistic development to ensure that technological applications truly serve the common good and promote share to the progress,” Teo said.

A United Nations report found that 2.6 billion individuals globally still lack internet access and a sharp digital divide can also be observed among economies, among industries and between urban and rural areas.

Although many less technologically advanced regions, such as Africa, possess a strong willingness to build an inclusive and equitable digital world, the rapid advancement of technologies often poses a huge challenge to developing countries — how to actively participate and keep pace with this growth, said Nii Narku Quaynor, chairman of Ghana Dot Com.

Against this backdrop, reinforcing open access to internet channels, digital content and technologies can greatly benefit emerging economies in the digital world, he said.

Eyeing a higher-level of inclusiveness, connectivity and cooperation in the internet sector, a statement on global digital cooperation was released by a sub-forum of the WIC.

The statement highlighted the importance of advancing international cooperation on data exchange, enhancing cross-border data connectivity, and narrowing gaps in data circulation, as well as more initiatives to build an open and mutually beneficial international framework for data collaboration.

Intensified efforts should also be made to deepen international exchanges on technology standards, ethical guidelines and legal frameworks, advancing a widely accepted global AI governance system, said the statement.

It also called for human-centered and ethically sound approaches to cutting-edge technologies such as AI, encouraging safe, reliable, fair and transparent research and development as well as applications of AI.

At the opening ceremony of WIC, Chinese Vice-Premier Ding Xuexiang also stressed the need for the international community to jointly deal with problems such as the digital divide and a grave cybersecurity situation to build a better digital future.

The digital divide continues to widen, and the situation of cybersecurity has become more severe, Ding said, adding that the international community is in greater need than ever of jointly advancing a community with a shared future in cyberspace.

China has been sharing the opportunities of modernization with countries around the world and injecting strong impetus into global modernization, Ding said.

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SOURCE chinadaily.com.cn