Yuno Rolls Out Mastercard Passkey to Secure LATAM Payments

Leading payment orchestrator Yuno is driving payment security to prevent data breaches by launching Mastercard Payment Passkey Service across Latin America.

This launch will allow merchants to tackle payment fraud in the region, with attempts rising by 32% in Latin America in 2024 vs the previous year (according to merchantsavvy).

Merchants across Chile, Brazil and Argentina will also be able to reduce their cart abandonment rates and streamline online checkout processes.

The launch secures Yuno’s position as the top provider of Mastercard’s Click to Pay technology in Latin America. 

Silvana Hernandez, Executive Vice President, Core Products, Mastercard, Latin America and the Caribbean, explains: “Mastercard is committed to bringing convenience and security to the payment experience. 

“The enablement of Mastercard Payment Passkey through our partnership with Yuno is an important step towards the advancement of digital payments in Latin America and the Caribbean.”

Why is payment fraud an issue in Latin America?

According to studies from merchantsavvy, merchants lose more than 4.6% of their e-commerce revenue to payment fraud in Latin America. 

This is due to a significant rise in the adoption of fintech solutions and digital payments.

Not only do inconsistent enforcement and weak cybersecurity regulations create vulnerabilities for fraudsters to exploit but social engineering scams are increasingly targeting users.

As AI integration continues to rise, AI-driven fraud, such as automated attacks and deepfake scams, make payment fraud more sophisticated. Fintech organisations and banks are also enhancing fraud detection with AI, biometric authentication and machine learning.

Meet Yuno

Yuno is an international payment orchestration platform that integrates more than 1,000 payment methods through a single interface across 200+ countries.

Its platform offers several solutions for businesses, such as auto-reconcilation, unified insights and customisable checkout experiences.

Yuno enhances transactions with smart routing, reducing costs and improving acceptance rates.

It continues to empower businesses to scale globally while securing seamless transactions. Yuno’s technology helps to improve overall payment infrastructure effectively and enhance approval rates.

Mastercard’s Payment Passkey Service will enhance Yuno’s Click to Pay solution.

This aims to make the checkout process more seamless and simpler for customers by eliminating the need for manual entry of card details and was given to Yuno-enabled merchants in November.

James Stack, Head of Product at Yuno, explains: “Mastercard Payment Passkey Service is a major leap forward in online transaction security. By leveraging advanced tokenization and biometric authentication, it significantly reduces the risk of fraud and protects sensitive data from cyber threats. 

“As the leading provider of Mastercard Click to Pay technology in Latin America, we’re proud to offer merchants a solution that not only streamlines the checkout process but also ensures the highest level of security for both businesses and customers in a region where fraud has been a persistent challenge.”

Mastercard’s Payment Passkey service

Mastercard Payment Passkey Service uses device-based biometrics to authenticate purchases, such as facial recognition and fingerprints. 

With traditional authentication methods, like OTPs, becoming vulnerable to message interception, phishing and SIM swapping, this service will enhance the convenience and security of online transactions. 

It continues to enhance the security of transactions by using advanced tokenisation technology to ensure sensitive data remains useless to fraudsters in the event of a data breach and is never shared with third parties. 

How will this impact payment security in Latin America?

Yuno’s launch of Mastercard’s Payment Passkey Service across Latin America will improve payment security for both consumers and businesses.

By using advanced tokenisation technology, the service will improve security and streamline the checkout process to help minimise cart abandonment rates for merchants.

This service will help tackle the rise in payment fraud across Latin America and equip businesses and consumers with greater payment security and fraud protection. 

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