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PayPal Adds Passkeys Security Function

PayPal is adding passkeys as a safe and simple login method for PayPal accounts. The new option will first be available to iPhone, iPad, or Mac users

PayPal passkeys

PayPal Adds Passkeys Security Function. Source: shutterstock.com

PayPal announced it is adding a passkey functionality to its platform. Based on a cutting-edge security standard, passkeys are resistant to phishing and work without sharing passkey data between platforms.

Due to the weakness of password authentication, FIDO Alliance and the World Wide Web Consortium created a new security standard which replaces passwords with cryptographic key pairs. 

PayPal has become one of the first fintech companies to make passkeys widely available to its users. PayPal passkeys first roll out in the US, with additional countries added in early 2023. However, at the moment only iOS users can avail of the function. The authentication method will expand to additional platforms as soon as those platforms add passkeys support.

The benefits of this advanced security solution include seamless logins for consumers across devices and platforms without checkout friction, protection against phishing, absence of frustration related to password management.  

Creating a passkey

When existing customers log in to PayPal from an Apple device, they will have the option to “Create a passkey.” Customers can authenticate with Apple Face ID or Touch ID. The passkey will be created automatically. Furthermore, passkeys sync with iCloud Keychain.

If a device model doesn’t support passkeys yet, users can use an iPhone to log in with a PayPal passkey via QR codes. To do that, customers should scan the QR code that will appear after they enter their PayPal User ID.

SEE ALSO:

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The Royal Bank of Canada unveiled a new authentication tool

Is PayPal still the best electronic payment method in online casinos?

Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.