PayPal has officially announced support for passkeys as a means of increasing the security of user accounts, offering people a more secure method of accessing the service.
Password rejection is a move that more and more companies are turning to, and as a founder of the FIDO Alliance, PayPal is one of the biggest names investing in password rejection.
Statistics presented by PayPal show that 81 percent of the 2.6 billion hacks in 2017 were caused by password theft. That’s why it was so important to replace passwords with a more secure way of logging in.
“Passkey will also help more users complete their purchases through PayPal – once a PayPal customer creates a key, they will no longer need to remember their password, allowing them to make payments more easily ,” PayPal explained in the announcement.
Passkey will initially be available for iPhone, iPad and Mac devices on PayPal.com, but the company says it’s already working to bring the feature to more platforms.
Users in the United States are the first to receive the PayPal Passkey, and it will expand to more regions in early 2023.