The digital payments industry is expecting a 2-3 percentage point jump in transaction success rates as new means of authentication such as biometrics and passkeys go live on payment networks.
One-time passwords (OTPs), the default second factor of authentication, have been prone to delivery issues, often leading to transaction failures, said industry executives.
Passkeys and biometric authentication, on the other hand, are tied to the device, so there’s no OTP delivery issue, thereby ensuring higher success rates.
“We expect biometric-based payment…
