Global payments orchestrator Yuno is launching the Mastercard Payment Passkey Service across Latin America, enabling merchants in the region to streamline online checkout processes and enhance fraud protection.
Following the launch by Yuno, merchants in Brazil, Argentina, and Chile can replace increasingly vulnerable traditional authentication methods, such as one-time passwords, with Mastercard Payment Passkey Service, which uses device-based biometrics, such as fingerprints and facial recognition already available on smartphones, to authenticate purchases.
Mastercard Payment Passkey Service also leverages tokenisation technology to ensure that sensitive data is never shared with third parties and remains useless to fraudsters in the event of a data breach, making transactions even more secure.
This technology promises to not only boost the security of online transactions, but also to significantly reduce cart abandonment rates by increasing convenience for merchants’ customers.
Silvana Hernandez, executive vice president of core products at Mastercard, Latin America and the Caribbean, commented: “The enablement of Mastercard Payment Passkey through our partnership with Yuno is an important step towards the advancement of digital payments in Latin America and the Caribbean.”
Yuno says transaction simplicity and security are especially important in Latin America, where merchants lose more than 4.6 per cent of their e-commerce revenue to payment fraud. Furthermore, in 2024, fraud attempts surged by 32 per cent compared to the previous year—the largest increase of any region.
Tackling fraud and boosting convenience
With the launch of the payment passkey, Yuno solidifies its position as a leading provider of sought-after Click to Pay technology from Mastercard in Latin America.
“Mastercard Payment Passkey Service is a major leap forward in online transaction security,” explained James Stack, head of product at Yuno. “By leveraging advanced tokenisation and biometric authentication, it significantly reduces the risk of fraud and protects sensitive data from cyber threats. We’re proud to offer merchants a solution that not only streamlines the checkout process but also ensures the highest level of security for both businesses and customers in a region where fraud has been a persistent challenge.”
Mastercard Payment Passkey Service strengthens the company’s existing Click to Pay solution, introduced to Yuno-enabled merchants in November in a move to make the checkout process simpler and more seamless for customers by removing the need for manual entry of card details. Functioning much like a digital wallet, Mastercard’s Click to Pay solution enables shoppers to pay in just a single click.
Yuno’s platform also offers merchants quick access to over 1000 different global payment methods, proprietary smart routing technology and end-to-end payment orchestration, rendering it a one-stop shop for all merchant’s payment needs.
