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With payment passkeys, noon Payments will experience more secure, convenient e-commerce interactions Dubai, UAE ; 17 October 2024: Mastercard has partnered with noon Payments, one of the biggest payment service providers in the Middle East and North Africa, to bring its Payment Passkey Service to the region and accelerate secure online checkout for shoppers. Beginning in the United Arab Emirates, noon Payments will be the first in the region to offer this innovative solution to its customers, followed by a wider roll out. The Mastercard Payment Passkey Service streamlines e-commerce and revolutionizes the consumer journey.
Using device-based biometrics, such as fingerprints or facial scans, payment passkeys replace one-time passwords (OTPs) to make online transactions not only faster and more convenient, but also more secure against fraud and scams. They offer consumers the peace of mind that they will not lose or inadvertently share their password or OTP. Mastercard’s research shows that 90% of consumers worldwide believe biometrics are more secure and convenient than passwords.
Compared to OTPs, which are increasingly vulnerable to online scams such as phishing, SIM swapping and message interception, payment passkeys make transactions not only faster, but also more secure against fraud and scams. The Mastercard Payment Passkey Service leverages Mastercard’s tokenization technology, which also replaces the real card number with a token, to ensure that no data is shared with third parties and is useless to fraudsters and scammers. With payment passkeys, shoppers can choose their Mastercard card when checking out as a guest, or select a card already stored securely on file with a merchant.
To confirm the payment, they can use biometric authentication like fingerprint or iris scan features on their device. Upon successful authentication, the transaction is instantly completed. For e-commerce players, this means fewer abandoned carts and a lower risk of fraud, while consumers can benefit from faster checkouts and peace of mind.
According to a recent report , ecommerce is becoming increasingly popular in the MENA region, with the market value estimated at USD29 billion in 2023 and expected to hit USD49.8 billion by 2028. “Mastercard is committed to building a robust digital payment ecosystem where every transaction is secured,”said Jorn Lambert, chief product officer at Mastercard .
“Today, billions of people comfortably use their face or biometrics to unlock their devices, bypassing passwords altogether. We’re pushing our technology to deliver even more with payment passkeys – bringing an even better digital experience and offering security peace-of-mind for consumers and businesses alike. Partnering with noon Payments marks a significant step towards advancing payment authentication in the region.
” noon Payments, founded in 2016 and backed by Saudi Arabia’s Public Investment Fund (PIF), is a key part of noon’s growing digital ecosystem. It supports businesses of all sizes across the GCC—whether large enterprises or SMEs—by offering secure, customizable payment solutions that simplify transaction management and improve efficiency. With deep local market knowledge and a commitment to global best practices, noon Payments tailors its services to meet the unique needs of each business.
“We’re excited to collaborate with global tech leaders like Mastercard to enhance payment experiences for our customers and merchants. A key part of our mission is to empower local merchants and consumers with innovative solutions. The Mastercard Payment Passkey Service boosts data protection and simplifies online checkout.
We look forward to helping noon Payments’ merchants and customers fully benefit from this exciting new service.” Hisham Zarka, CTO, noon. END About Mastercard (NYSE: MA) www.
mastercard.com Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible.
Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all. Mastercard Communications Contact: Amelia.
[email protected] ABOUT NOON.COM noon.
com was founded with the objective of fostering an ecosystem of regionally based digital companies in order to secure the region’s digital landscape’s future. noon’s mission is to provide customers and companies in the Middle East region with outstanding value and support. On December 12th, 2017, noon launched its consumer platform in the Kingdom of Saudi Arabia and the United Arab Emirates.
noon debuted in Egypt in February 2019 and has since evolved to become the largest online shopping destination in the Middle East. Primarily a digital e-commerce platform powered by in-house technological talent, noon has swiftly developed strong native capabilities throughout its marketplace, fulfilment, logistics, and payment systems. noon Communications contact: pr@noon.
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