Mastercard has launched advanced payment passkeys across Europe as part of its initiative to enhance online transaction security and replace traditional passwords. The company reports that its tokenization and passkey implementation has achieved nearly 50 percent adoption in European e-commerce transactions, building on its successful passkey deployment in Latin America earlier this year.
The payment technology company’s new security measures arrive at a critical time, as data shows that one in four business owners in Europe face targeting by scammers. A quarter of these businesses express concern about their ability to recover from potential cyber attacks. The expansion follows the broader industry trend toward passwordless authentication, with the FIDO Alliance reporting significant growth in enterprise passkey adoption.
To support the implementation, Mastercard has established the European Cyber Resilience Centre (ECRC), which launched in May 2024. The ECRC uses over 30 specialized groups, including intelligence experts, technical recovery specialists, and crisis managers, to provide comprehensive support to institutions, businesses, and consumers.
The company has developed several initiatives specifically targeted at small and medium-sized enterprises (SMEs). These include the customized RiskRecon vulnerability scanner, accessible through My Cyber Risk, which enables small businesses to identify and address cybersecurity threats. The scanner extends Mastercard’s previous efforts to provide free security assessments to small businesses in various markets. Additionally, the Mastercard Trust Center provides business owners with access to research, resources, and tools through industry partnerships.
Mastercard is working in conjunction with national cyber intelligence centers, law enforcement agencies, industry bodies, and central banks to advance cybercrime prevention and response practices. The collaborative approach aims to strengthen cyber resilience across the European region.
The implementation of passkeys marks a significant shift in payment security infrastructure, designed to address the ongoing challenges of password management while providing enhanced protection against cyber fraud. The technology offers a more streamlined authentication process for consumers while maintaining robust security standards. The initiative is part of Mastercard’s broader digital transformation strategy, which includes its plan to phase out physical card numbers by 2030.
Sources: Investing.com, Travel And Tour World, MarketScreener
