October 17, 2024 | Dubai, United Arab Emirates: Mastercard has partnered with noon Payments, one of the leading payment service providers in the Middle East and North Africa (MENA), to bring its innovative Payment Passkey Service to the region. The service will initially launch in the United Arab Emirates (UAE), with plans for a broader rollout across the MENA region in the near future. This strategic collaboration aims to transform online checkout experiences for shoppers by offering faster, more secure payments through biometric authentication.
The Mastercard Payment Passkey Service eliminates the need for traditional one-time passwords (OTPs), which are increasingly vulnerable to scams such as phishing, SIM swapping, and message interception. Instead, the service leverages device-based biometrics, including fingerprints and facial recognition, to provide consumers with a faster and more secure method of confirming transactions.
Mastercard’s extensive research reveals that 90% of global consumers find biometric authentication more secure and convenient than traditional password-based systems. By integrating its tokenization technology, which replaces real card numbers with tokens, Mastercard further ensures that sensitive data is protected and rendered useless to fraudsters.
Shoppers using the Payment Passkey Service can select their Mastercard card at checkout, either as a guest or by using a stored card, and authenticate the transaction using biometric features such as a fingerprint or iris scan. This innovation not only speeds up the checkout process but also significantly reduces the risk of fraud, offering peace of mind to consumers.
For e-commerce businesses, the introduction of biometric passkeys means fewer abandoned carts, enhanced security, and improved customer satisfaction. In the rapidly growing MENA e-commerce market—valued at USD 29 billion in 2023 and projected to reach USD 49.8 billion by 2028—this technology is set to play a crucial role in boosting consumer confidence and driving sales.
“Mastercard is committed to building a robust digital payment ecosystem where every transaction is secured,” said Jorn Lambert, Chief Product Officer at Mastercard. “Billions of people already use biometrics to unlock their devices, bypassing passwords altogether. With payment passkeys, we’re taking this one step further to enhance security and improve the digital experience for both consumers and businesses. Our partnership with noon Payments is a significant step forward in advancing payment authentication in the region.”
noon Payments, established in 2016 and backed by Saudi Arabia’s Public Investment Fund (PIF), plays a vital role in noon’s expanding digital ecosystem. The platform offers secure and customizable payment solutions for businesses of all sizes across the Gulf Cooperation Council (GCC), ranging from large enterprises to small and medium-sized enterprises (SMEs). With a deep understanding of local markets and a commitment to global best practices, noon Payments tailors its services to meet the unique needs of its customers.
Hisham Zarka, CTO of noon, expressed excitement about the partnership: “Collaborating with global tech leaders like Mastercard aligns with our mission to empower local merchants and consumers through innovative solutions. The Mastercard Payment Passkey Service not only enhances data protection but also simplifies the online checkout experience. We’re eager to help our merchants and customers fully benefit from this cutting-edge technology.”
This partnership marks a pivotal moment for the MENA e-commerce landscape, as Mastercard and noon Payments work together to offer seamless, secure, and convenient payment solutions for the region’s rapidly growing online market.
About Mastercard
Mastercard (NYSE: MA) is a global technology leader in the payments industry, dedicated to powering an inclusive, digital economy that benefits everyone, everywhere. Through secure networks, partnerships, and innovation, Mastercard enables individuals, financial institutions, governments, and businesses to unlock their full potential. Operating in over 210 countries and territories, Mastercard is committed to creating a sustainable, secure future for global commerce.
About noon.com
Founded to foster an ecosystem of digital businesses in the Middle East, noon.com is dedicated to securing the region’s digital future. Since launching its platform in Saudi Arabia and the UAE in 2017, and later in Egypt in 2019, noon has become the region’s largest online shopping destination. noon’s digital infrastructure, including its marketplace, fulfillment, logistics, and payment systems, is powered by in-house technological expertise, driving its mission to deliver unparalleled value to customers and businesses across the region.
