PayPal has been working on implementing alternative authentication systems for some time now and is well aware of the possibility of a future without passwords. The online payment giant has launched support for passkeys on Android, a security method that eliminates the need for users to enter a password.
The passkey is a new authentication method supported by major tech companies like Apple, Google, Microsoft, and the FIDO Alliance, which predict a future without passwords entered by the end-user. Passkeys are based on FIDO security and authentication standards and are usually cross-platform compatible. However, the website or app must support the new technology for it to be used.
PayPal is also moving forward with introducing support for this new password-free technology on Android. US users will be the first to be able to use passkeys to access PayPal, who will be entrusted with the task of testing the simplicity and reliability of the service.
To use a passkey, biometric authentication or at least the security PIN the smartphone uses is required. Nothing will change from what already happens with saved passwords. Still, there will no longer be a need to remember access data since the passkeys will be generated and synchronized automatically.
Passkeys offer several advantages over traditional password-based authentication methods. For example, they are more secure since the passkeys are unique and cannot be guessed or stolen. Users do not have to remember complex passwords or change them regularly, which can be a hassle. Passkeys are also easy to use since they are generated and synchronized automatically, and users can access their accounts with just a few taps.
PayPal’s move to implement passkeys is a step towards a password-free future that promises to simplify authentication while improving security. With the support of major tech companies, passkeys are likely to become more widely adopted, making it easier for users to access their accounts and conduct online transactions securely.