Visa, a global leader in digital payments, today announced the launch of Visa Payment Passkey (VPP) in Bangladesh, setting a new benchmark for secure and seamless online authentication. The solution is being introduced in collaboration with Eastern Bank PLC (EBL) and BRAC Bank, marking a significant step toward reducing reliance on traditional payments verification methods and enhancing the overall digital payment experience for both consumers and merchants, a press release said.
Built on Fast Identity Online (FIDO) standards, Visa Payment Passkey enables consumers to authenticate transactions using their device’s native unlock methods, including fingerprint, facial recognition, or PIN. As an alternative to one-time passwords (OTPs), it makes checkout faster and simpler while strengthening transaction security.
Sabbir Ahmed, Country Manager - Bangladesh, Nepal and Bhutan of Visa, said, “In Bangladesh, where digital commerce is expanding rapidly, authentication continues to be a key friction point in completing online transactions. Visa Payment Passkey addresses this by enabling a faster, device-based authentication method that enhances both security and convenience. This approach not only simplifies the checkout experience but also has the potential to improve payment success rates and reduce transaction drop-offs, and deliver a more consistent and efficient user experience across digital platforms.”
Visa Payment Passkey is expected to deliver a significant uplift in payment success rates (PSR), while also reducing the number of steps required to complete an online transaction compared to traditional OTP-based methods.
With a simple one-time setup, consumers can benefit from a consistent authentication experience across participating merchants and platforms. The solution is compatible with major operating systems and browsers and is supported by billions of FIDO-enabled devices globally, ensuring broad accessibility and scalability.
As Bangladesh continues to advance its digital transformation agenda, Visa remains focused on introducing secure, scalable, and user-centric innovations in collaboration with financial institutions and ecosystem partners, supporting the growth of a more inclusive and resilient digital payments ecosystem.
