PayPal is the first major service to jump on the FIDO passkey bandwagon: iPhone users will be able to log in to the payment service without a password. Users of Apple devices are able to exchange their password with the service for a passkey. The login is then carried out via a public key encryption procedure in accordance with the FIDO standard, the password stored by the user becomes superfluous.
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Podcast episode where FIDO Passkeys are mentioned and linked to.