xMoney marks a key milestone in the evolution of digital payments, becoming the world’s first Mastercard issuer to launch the creation and enrollment of the Payment Passkey directly through its own mobile banking application. The announcement, made in Bucharest on June 11, 2026, positions xMoney as a pioneer in offering a solution that promises to redefine the security, simplicity, and speed of online transactions.
Summary
What is the Mastercard Payment Passkey
The Mastercard Payment Passkey represents a new frontier in the authentication of digital payments. It is a solution that allows users to create a payment passkey within the issuer’s banking environment, thereby authenticating online transactions in compliance with SCA (Strong Customer Authentication) requirements. The system also allows cardholders to securely access their Click to Pay profile.
Greg Siourounis, Co-founder & CEO of xMoney, highlights the importance of this innovation: “We are entering a new phase of payment infrastructure, where authentication, tokenization, and compliance must work together, not as separate layers. Enabling in-app creation of Mastercard Payment Passkeys, together with the availability of Click to Pay via xMoney, shows that this standard is maturing. xMoney is the first Mastercard issuer in the world to offer this combination, setting a new benchmark for digital checkout.”
A faster and more secure payment experience
The Mastercard Payment Passkey offers users a faster, more secure, and more intuitive payment experience. Transaction authentication takes place directly on the user’s personal device, where biometric data remains encrypted and stored locally, without being shared with Mastercard, xMoney, or the merchant. Once authentication is completed, payment confirmation appears immediately on the app or website where the purchase is being made, minimizing interruptions and making the checkout process extremely smooth.
Benefits for the entire payments ecosystem
The Payment Passkey solution brings tangible benefits not only to end users, but also to all partners in the payments ecosystem: issuers, fintechs, merchants, and digital service providers. The system contributes to a checkout experience with fewer frictions, higher conversion rates, and reduced fraud risk.
Based on FIDO standards, the technology leverages biometrics and cryptography to replace passwords and one-time codes, ensuring that authentication takes place on a device previously verified by the card issuer. This innovative approach drastically reduces the complexity and risks associated with traditional authentication methods.
Gabriel Ghiță, Senior Vice President and Head of Customer Solutions SEE at Mastercard, points out: “This launch marks a milestone in the evolution of online payments. With Mastercard Payment Passkeys, authentication becomes simpler for consumers and more secure for the entire ecosystem. We move payment confirmation into a space that is familiar to the user, their own device, significantly reducing frictions at checkout. The data confirms the impact: according to the FIDO Alliance, passkeys reduce the authentication abandonment rate by up to 50% and make the time needed to confirm a payment four times shorter, while biometric authentication is associated with fraud levels 2.5 times lower than one-time passwords.”
Practical applications and Click to Pay
The solution can be used in any online payment flow based on tokenized transactions, including Click to Pay or card-on-file scenarios, when the card is stored with an online merchant. xMoney also offers its customers Click to Pay, Mastercard’s online checkout solution that allows payments to be made without manually entering card details, with simplified activation thanks to auto-enrollment for eligible cardholders.
Innovation and security at the heart of the strategy
The integration of biometric authentication, tokenization, and compliance marks a turning point for the digital payments sector. Thanks to its strategic European licenses, xMoney confirms its position at the forefront in creating a secure, seamless, and future-oriented payments ecosystem, combining cutting-edge technology, strong product focus, and robust compliance.
Mastercard and xMoney: a partnership for the future of payments
Mastercard continues to play a leading role in enabling economies and people in over 200 countries and territories, offering a wide range of secure, simple, and accessible digital payment options. Through innovation, technology, and strategic partnerships, Mastercard provides products and services that help individuals, businesses, and governments reach their full potential.
xMoney, for its part, stands out as a pioneering player in payments, committed to offering a seamless, secure, and future-oriented experience.
A new standard for digital checkout
The introduction of the Mastercard Payment Passkey through the xMoney app represents a new standard for digital checkout. The combination of security, speed, and simplicity promises to transform the way users and businesses experience online payments, drastically reducing fraud risks and operational complexities.
With this innovation, xMoney and Mastercard demonstrate that the future of digital payments is already here, built on advanced technology, an improved user experience, and maximum security.
