EBL, Visa launch passkey authentication for online payments
Eastern Bank PLC, in partnership with Visa, has introduced the Visa Payment Passkey in Bangladesh, enabling cardholders to authenticate online transactions using biometric data or device credentials.
The Visa Payment Passkey is set to replace traditional passwords and SMS-based one-time codes with a secure passkey stored directly on the cardholder's device, according to a press release.
Cardholders can verify eligible online transactions through facial recognition, fingerprint, or device-unlock credentials.
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Visa stated that the service requires a one-time setup to link the passkey to the user's device. Once activated, it can be used for online payments at participating merchants.
According to the companies, the device-based process reduces authentication steps, strengthens payment security, and enhances the online checkout experience.
The launch event took place at the Eastern Bank PLC head office in Gulshan, Dhaka.
Visa was represented by Country Manager Sabbir Ahmed and Head of Products for Bangladesh, Nepal and Bhutan Tawfique Imam.
Eastern Bank PLC representatives included Deputy Managing Director and Head of Retail and SME Banking M Khorshed Anowar; Head of Digital Financial Services Ahsan Ullah Chowdhury; Head of Cards Tasnim Hussain; and Head of Digital Payments Faisal M Fathe-Ul Islam.
