Connect with us

Technology

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

Published

on

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 

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/mastercard-goes-otp-free-in-apac-for-faster-safer-online-transactions-302296382.html

SOURCE Mastercard

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Opus Technologies Named Among India’s Top 100 (Mid-Size) Best Workplaces for Women 2024 by Great Place To Work® India

Published

on

By

PUNE, India, Nov. 6, 2024 /PRNewswire/ — Opus Technologies has been recognized by Great Place To Work® India among – India’s Top 100 Best Workplaces for Women 2024

Opus Technologies has achieved a significant milestone, earning recognition as India’s Top 100 Best Workplaces™ for Women 2024 by Great Place to Work© India. This prestigious accolade underscores our commitment to creating an environment where women can thrive professionally and make substantial contributions.

At Opus, we recognize the immense value women bring to our organization. Our female employees consistently demonstrate leadership, drive innovation, and excel across all levels of the company. This recognition celebrates their achievements and reaffirms our dedication to fostering a workplace that empowers women in tech.

As a global authority on workplace culture, Great Place To Work has been studying employee experience and people practices across organizations for over three decades. Every year, more than 100 million employees from over 150 countries worldwide take the Great Place To Work for assessment, benchmarking, and planning of actions to strengthen their workplace culture.

In this year for India, based on a rigorous evaluation methodology, 200 organizations among India’s Best Workplaces for Women 2024 have been recognized. These organizations, among other practices, particularly excel both in people practices that they have crafted for their employees and proactively acting on the feedback to create a High Trust Culture. The report and the complete list (in alphabetical order) of India’s Best Workplaces for   2024 can be viewed on our website.

“In today’s dynamic business landscape, we’ve long recognized that when people feel truly supported and valued, businesses don’t just survive—they thrive. This rings especially true for women in the workplace. By fostering environments that prioritize flexibility, equity, and inclusion, we empower all employees to bring their full potential to work every day.

However, we find ourselves at a critical juncture. Despite years of progress, women’s representation in the workforce has plateaued at 26%, with a mere 122% in executive or C-level positions. More concerning is the declining workplace sentiment among women, signaling a growing disconnect in their work environments.

Our research unequivocally shows that when women experience a sense of belonging, they are 6 times more likely to consider their workplace great. This stark statistic underscores the immense potential waiting to be unlocked in organizations that prioritize inclusivity and equality.

As we launch India’s Best Workplaces™ for Women 2024 report, we celebrate the companies leading the charge in creating truly inclusive environments. These organizations understand that championing women isn’t just about meeting quotas—it’s about cultivating a culture where everyone can thrive.

To all the winners of India’s Best Workplaces for Women: congratulations on setting the gold standard. Your commitment to fostering environments where women feel valued, heard, and empowered serves as an inspiration and a call to action for us all. Together, let’s continue to build workplaces where every individual, regardless of gender, can reach their full potential.”

–          Balbir Singh, CEO, Great Place To Work®️ India

Praveen TM, CEO of Opus Technologies, stated, “Being recognized as one of the Best Workplaces™ for Women by Great Place to Work© India is a significant milestone for us. This honor highlights our commitment to building a workplace where every woman feels valued and empowered to lead. We firmly believe that our diverse workforce is key to our innovation and growth, and we will continue to champion equality and inclusivity in all aspects of our organization.”

Speaking about the achievement, Babitha P, Chief People Officer at Opus Technologies, said, “This recognition reflects our ongoing commitment to diversity, equity, and inclusion. At Opus, we are dedicated to creating an environment where everyone, particularly women, can thrive and feel empowered. Embracing diverse perspectives is at the heart of our culture and a key driver of our success.”

Backed by 30 years of data, Great Place To Work is the global authority on workplace culture. Through its proprietary For All™ Model and Trust Index™ Survey, it gives organizations the recognition and tools to create a consistently positive employee experience. Its mission is to help every place become a great place to work for all, driving business growth, improving lives, and empowering communities. Through globally recognized and coveted Great Place To Work Certification™ and highly competitive Best Workplaces Lists, Great Place To Work enables employers to attract and retain talent, benchmark company culture, and increase revenue. Its platform enables leaders to truly capture, analyze and understand the experience of every employee and compare outcomes with data collected from more than 100 million employees in 150 countries worldwide.

About Opus Technologies:

With nearly three decades of experience, Opus Technologies is a global provider of outcome-driven payment strategies. Opus combines its deep technology proficiency with unmatched domain expertise in payments and fintech to deliver unparalleled quality and value in its work.

Visit https://opustechglobal.com/ to learn more. Follow Opus Technologies on LinkedIn.

Logo – https://mma.prnewswire.com/media/1915707/Opus_Logo_Logo.jpg 

View original content:https://www.prnewswire.com/in/news-releases/opus-technologies-named-among-indias-top-100-mid-size-best-workplaces-for-women-2024-by-great-place-to-work-india-302295509.html

Continue Reading

Technology

Vasant Masala enters a new era with Anil Kapoor as brand new, unveiling new logo and identity

Published

on

By

AHMEDABAD, India , Nov. 6, 2024 /PRNewswire/ —  Vasant Masala, a prominent name in the spices industry for over 54 years, is proud to unveil Bollywood icon Anil Kapoor as its new brand ambassador, alongside their new positioning: ‘Pyaar Toh Hona Hi Tha.’ The tagline encapsulates how Vasant Masala enhances the flavours of every dish, creating meals that not only satisfy taste buds but also strengthen the bonds of love within families, making every moment around the table one filled with warmth and togetherness.

An exciting collaboration will feature Anil Kapoor alongside his brother Sanjay Kapoor for the first time on-screen with Vasant Masala’s TVC. Their sibling bond exemplifies the essence of Vasant Masala’s new message: love isn’t just a sentiment, but an experience that unites us, especially in the context of family life and cherished traditions.

As part of this exciting evolution, Vasant Masala is also unveiling a refreshed brand identity, complete with a modernised logo. The revamped identity represents Vasant Masala’s dedication to connecting with the tastes and preferences of its customers.

Elaborating on Anil Kapoor’s association as Vasant Masala’s brand ambassadorship, Chandrakant Bhandari, CMD of Vasant Masala, stated, “For decades, delivering purity to Indian households has been the cornerstone of Vasant Masala. With ‘Pyaar Toh Hona Hi Tha,’ we are not only enriching this foundation but also strengthening the bond that goes beyond taste to touch the heart. Anil Kapoor’s association perfectly blends tradition, modernity, and universal appeal, resonating across generations. This campaign celebrates our legacy while reaching a wider audience, bringing Vasant Masala into more homes and fueling our growth for years to come.”

Anil Kapoor, expressing his excitement about this partnership, shared, “I am thrilled to be part of this new chapter in Vasant Masala’s journey. This brand is known for its uncompromising quality and I have complete faith in its commitment to delivering the best. This story is about more than just promoting a product; it’s a celebration of love, family, and the bonds we hold dear. What’s more, this will be the first time I’ll share the screen with my brother Sanjay, which makes this even more exciting for me. I can’t wait to see how this heartfelt campaign connects with people.”

About Vasant Masala:

As a leading brand in the Indian spices market, Vasant Masala remains dedicated to providing high-quality products while deepening its emotional connection with its consumers. Vasant Masala has been delighting millions of families across Gujarat, Rajasthan, Madhya Pradesh, and beyond for the past 54 years. With its diverse range of products such as blended spices, Hing, basic spices, whole spices, and powdered spices, Vasant Masala has gained recognition on a global scale. Exported to five continents, Vasant Masala is known for its unparalleled quality and widespread popularity. This trusted brand has consistently provided consumers with the finest spices, making it the top choice of housewives for the last five decades due to its unmatched flavor and health benefits.

For Trade, Marketing & Other enquiries:
E-mail: info@vasantmasala.com
Call: +91 94265 06390
Know more about the brand at www.vasantmasala.com.

Photo: https://mma.prnewswire.com/media/2549243/Vasant_Masala_Anil_Kapoor.jpg

 

View original content to download multimedia:https://www.prnewswire.com/in/news-releases/vasant-masala-enters-a-new-era-with-anil-kapoor-as-brand-new-unveiling-new-logo-and-identity-302296628.html

Continue Reading

Technology

Sinopec Hosts Forum Session at 7th China International Import Expo

Published

on

By

US$40.9 billion in purchasing contracts signed with 38 partners, bringing the total of seven sessions of CIIE to US$285 billion

SHANGHAI, Nov. 5, 2024 /PRNewswire/ — China Petroleum & Chemical Corporation (HKG: 0386, “Sinopec”) has hosted a forum titled “Building Global Energy Partnerships” and a signing ceremony at the 7th China International Import Expo (CIIE 2024) in Shanghai. The exhibition, running from November 5 to 10, is focused on the global energy transition and fostering an open, green, and low-carbon ecosystem.

At the signing ceremony, Sinopec signed purchasing contracts with 38 partners from 18 countries, which totaled US$40.9 billion, including 27 products from 10 major categories, including crude oil, chemicals, equipment, materials, consumer goods and more. Since the first CIIE in 2018, Sinopec has signed orders exceeding a total of US$285 billion in seven sessions.

Ma Yongsheng, chairman of Sinopec, remarked in a keynote speech at the forum that the global energy supply as well as demand pattern and governance system are in need of real changes, and the transformational development of energy and chemical industry is already in a new stage.

“In the face of the great momentum of development, Sinopec unswervingly commits to promoting high-quality, intelligent, and green development leveraging advanced technologies,” said Ma. “We also understand deeply that the energy and chemical industries can only achieve sustainable development through cooperation. Sinopec has always adhered to open cooperation and achieve mutual wins with all our partners.”

Sinopec aims to enhance collaboration on oil and gas resources, working with various stakeholders to establish a more stable industry alliance. The company is also committed to expanding its green energy initiatives to further its low-carbon transformation goals. Additionally, Sinopec seeks to foster technology partnerships to unite innovative efforts, aiming to create a harmonious balance between humanity and nature, address climate challenges effectively, and build a cleaner, more sustainable world for future generations.

At CIIE 2024, Sinopec also signed cooperation and procurement agreements with a number of companies at the event. It has signed a framework agreement with TotalEnergies on long-term LNG supply, under which TotalEnergies will supply 2 million tons of LNG per year to Sinopec from 2028, for a total of 15 years. The partnership will enable both parties to further explore opportunities across the whole industry chain and promote global energy transformation.

View original content to download multimedia:https://www.prnewswire.com/news-releases/sinopec-hosts-forum-session-at-7th-china-international-import-expo-302297157.html

SOURCE SINOPEC

Continue Reading

Trending