Passkeys are designed to replace passwords and
allow seamless logins for consumers across devices and
platforms.
Makes online purchases easier for consumers,
removes checkout friction for merchants.
SAN
JOSE, Calif., Oct. 24,
2022 /PRNewswire/ -- Today, PayPal announced it is
adding passkeys as an easy and secure log in method for PayPal
accounts. Passkeys are a new industry standard created by the FIDO
Alliance and the World Wide Web Consortium that replace passwords
with cryptographic key pairs, offering customers a simple and
secure way to log in to PayPal based on technology that is
resistant to phishing and designed so that there is no shared
passkey data between platforms. The new PayPal log in option will
first be available to iPhone, iPad, or Mac users on PayPal.com and
will expand to additional platforms as those platforms add support
for passkeys.
A founding member of the FIDO Alliance, PayPal is one of the
first financial services companies to make passkeys widely
available to its users. This cutting-edge security standard is
significant as passkeys address one of the biggest security
problems on the web, which is the weakness of password
authentication. Over 2.6 billion records were hacked in 2017 and of
these hacks, 81% are estimated to have been caused by password
stealing and guessing1. Many consumers recycle passwords
across online services, which can not only be cumbersome but can
also lead consumers to reuse the same, potentially vulnerable
passwords across services. Passkeys are designed to replace
passwords for an even more seamless and secure login experience
with PayPal.
Passkeys will also help more consumers complete their purchases
with PayPal - once PayPal users create a passkey, they won't have
to remember their password, allowing them to check out with greater
ease. According to a recent survey of U.S. consumers, 44% of
consumers have abandoned an online purchase because they forgot a
password.2
"Launching passkeys for PayPal is foundational to our commitment
to offering our customers safe, secure and easy ways to access and
manage their daily financial lives," said Doug Bland, SVP and GM, Head of Consumer,
PayPal. "We are excited to provide our customers a more seamless
checkout experience that eliminates the risks of weak and reused
credentials and removes the frustration of remembering a password.
We are making it easier for customers to shop online."
How to Create a PayPal
Passkey
Creating and using a passkey with PayPal is a quick and easy
process on an Apple device. Once created, passkeys are synced with
iCloud Keychain, ensuring a strong, private relationship between a
customer and their device, and an easy sign-in experience for
PayPal users with devices running iOS 16, iPadOS 16.1, or macOS
Ventura.
- Once existing customers log in to PayPal with a browser on
desktop or mobile web using their existing PayPal credentials such
as a username and password, they will have the option to "Create a
passkey."
- Customers will then be prompted to authenticate with Apple Face
ID or Touch ID. Then the passkey will be automatically created, and
next time PayPal customers log in, they won't need to use or manage
a password again.
PayPal Passkeys Can Be Used to Log
In on Any Device
If they have devices that don't support passkeys yet, users can
still use an iPhone to log in with a PayPal passkey. Users simply
scan the QR code that will appear after they enter their PayPal
User ID.
PayPal passkeys will start rolling out today to customers in the
U.S.. PayPal passkeys will become available in additional countries
early in 2023, and on additional technology platforms as they add
support for passkeys.
About PayPal
PayPal has remained at the forefront of the digital payment
revolution for more than 20 years. By leveraging technology to make
financial services and commerce more convenient, affordable, and
secure, the PayPal platform is empowering more than 429 million
consumers and merchants in more than 200 markets to join and thrive
in the global economy. For more information, visit paypal.com.
Media Contacts:
Tom Hunter
thhunter@paypal.com
1Source: Verizon Data Breach Investigation
Report 2018
2Source: Propeller
Insights, Commissioned by iProov, March
2020.
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SOURCE PayPal Holdings, Inc.