The appeal of a passkey system is that it provides an easier and secure method for accessing your PlayStation Network account, especially when you don't want to type out a long password key every time.
Once all of those steps have been completed, you'll be able to use your passkey to easily sign in to your PSN account. It's worth noting that your password will be deactivated once you've successfully set up your passkey and this will be the only way to log into your PlayStation account unless you decide to make some changes.
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