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Mastercard has teamed up with noon Payments, a leading payment service provider in the Middle East and North Africa (MENA) region, to introduce its innovative Payment Passkey Service. This collaboration aims to enhance secure online shopping experiences and streamline e-commerce transactions. The service will first debut in the UAE through noon Payments, followed by a broader rollout across the region.
The Mastercard Payment Passkey Service revolutionizes online checkout processes by replacing traditional one-time passwords (OTPs) with device-based biometric authentication, such as fingerprints or facial recognition. This upgrade not only speeds up transactions but also offers stronger protection against fraud and scams, giving consumers greater peace of mind.
Enhanced Security and Speed
Mastercard’s research reveals that 90% of consumers globally find biometrics more secure and convenient than passwords. Unlike OTPs, which are increasingly susceptible to phishing, SIM-swapping, and message interception, payment passkeys offer a more robust and efficient alternative. Using Mastercard’s tokenization technology, the passkey system ensures that sensitive card information is replaced with tokens, preventing third-party access and rendering data useless to potential fraudsters.
Shoppers can use their Mastercard card during checkout as a guest or select a stored card for a seamless payment experience. Biometric authentication via fingerprint or facial recognition completes the transaction instantly. For merchants, this means reduced cart abandonment and lower fraud risk, while consumers benefit from faster, more secure checkouts. With e-commerce in the MENA region expected to grow from $29 billion in 2023 to nearly $50 billion by 2028, this service comes at a critical time for enhancing digital shopping experiences.
Jorn Lambert, Chief Product Officer at Mastercard, stated, “Mastercard is dedicated to building a secure digital payment ecosystem. Payment passkeys are the next step in providing consumers and businesses with an elevated digital experience, ensuring both convenience and security. Partnering with noon Payments marks a pivotal moment in advancing payment authentication across the region.”
Tailored Payment Solutions for Local Merchants
noon Payments, a key player in the MENA digital ecosystem backed by Saudi Arabia’s Public Investment Fund (PIF), offers customizable payment solutions to businesses of all sizes, from large enterprises to small and medium-sized enterprises (SMEs). With a focus on local market needs and global best practices, noon Payments simplifies transaction management and enhances business efficiency.
Hisham Zarka, Chief Technology Officer at noon, expressed enthusiasm for the partnership: “Collaborating with global tech leaders like Mastercard enables us to deliver cutting-edge payment experiences to both merchants and consumers. The Mastercard Payment Passkey Service enhances data protection and simplifies the checkout process, supporting our mission to empower local businesses with innovative solutions.”
This collaboration highlights a significant advancement in the digital payment landscape in the Middle East, further bolstering security and convenience for businesses and consumers alike.
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