Replacing Traditional One-Time Passcodes with Biometrics
This new feature aims to shift from traditional one-time passcodes to fingerprint or face ID verification, following a rising trend among organizations looking to enhance security through biometric authentication technology.
Mercuryo has integrated the Passkey into its network of 200 partners, including non-custodial wallets such as TrustWallet. This solution works on iPhone, Android, and Windows devices, leveraging cross-platform FIDO standards supported by major tech companies to ensure consistent functionality across different platforms.
Secure Login Credentials Directly on Personal Devices
The Passkey architecture stores encrypted login credentials directly on users’ personal devices. This approach eliminates the need for passwords or SMS/email-based one-time passcodes, which are vulnerable to phishing and malware attacks. By doing so, it tackles a key security challenge in Web3 user access.
Meeting Growing Demand for Secure Authentication Solutions
The launch of Passkey aligns with Mercuryo’s broader strategy to establish itself as an infrastructure provider for secure digital payments within the Web3 space. Cross-platform compatibility ensures a seamless experience across various devices and operating systems, addressing increasing demand for robust authentication solutions in the growing digital asset sector.
Biometric Authentication Market Growth
The biometric authentication market is projected to reach USD 187.18 billion by 2031, with a compound annual growth rate (CAGR) of 20.7% from 2024 to 2031. This significant growth reflects the expanding use of mobile and contactless authentication solutions over the past decade.
While implementing Passkey, user data security becomes a top priority, as highlighted by Cloudwards statistics showing that more than half of surveyed consumers are concerned about how their biometric data is stored and managed. Additionally, in 2023, 85% of users expressed concerns about using biometric technology due to the rise of AI and its potential impact on biometrics.
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