Summary
Visa launched Visa Payment Passkey in India, enabling biometric authentication (fingerprint, facial recognition, PIN) for online card payments, replacing SMS-based OTPs. The solution went live with IDFC FIRST Bank and is available on platforms including Myntra, Paytm, MakeMyTrip, Tata Starbucks, Reliance Digital, and EatSure. Built on global FIDO authentication standards, it follows the RBI's September 2025 framework allowing alternative authentication mechanisms.
Key Facts
- Replaces SMS-based OTPs with device biometrics (fingerprint, face, PIN, pattern)
- Built on FIDO authentication standards — cryptographic credentials stored on device, resistant to phishing
- India is 100% tokenized for e-commerce card transactions — unique globally, making passkeys especially powerful
- Partners include Juspay, Razorpay, PayU, Pine Labs, BillDesk, Wibmo, M2P Fintech, Paytm Payment Services
- Nearly 2/3 of Visa's India network transactions now from e-commerce
- Visa sees passkeys as foundation for agentic commerce — AI assistants purchasing on behalf of consumers
- One-time registration works across all participating merchants and platforms
Why It Matters
India is leapfrogging developed markets by combining 100% card tokenization with passkey authentication. This addresses the growing problem of phishing and social engineering attacks targeting OTPs. For the broader fintech world, it demonstrates how passkeys can reduce checkout friction while improving security — a model likely to be adopted by other markets. The agentic commerce angle positions Visa for the AI-driven future of payments.