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October 25, 2022

PayPal beefs up payments security with passkeys

Payments giant PayPal has announced the launch of passkeys to offer an easy and safe login method to its account holders.       

The technology that operated through cryptographic key pairs was developed by FIDO Alliance and the World Wide Web Consortium.

According to the company, passkeys are “resistant to phishing” and ensures that no passkey data are shared between platforms.    

Through the new addition, PayPal seeks to address the security concern regarding password authentication as consumers reuse the same passwords across online platforms.

As a replacement for passwords, the passkeys will enable customers to make their purchases and check out via their PayPal accounts without the need to remember their password.       

The easy checkout option will also enable PayPal to draw more customers. 

PayPal head of consumer Doug Bland said: “Launching passkeys for PayPal is foundational to our commitment to offering our customers safe, secure and easy ways to access and manage their daily financial lives.

“We are excited to provide our customers a more seamless checkout experience that eliminates the risks of weak and reused credentials and removes the frustration of remembering a password. We are making it easier for customers to shop online.”

 PayPal is said to be one of the first financial services firms to introduce passkeys to its users.

 With its initial launch in the US, PayPal passkeys is expected to be rolled out for customers in other countries in 2023. Currently available for iPhone, iPad and Mac users, the new security standard will be extended to other platforms once they add support for passkeys.   

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