American multinational financial services corporation, Mastercard has launched a next-generation, mobile-first authentication solution, called “Identity Check Express” that will help customers to do uninterrupted secured transactions while shopping online.
- The authentication process is launched for Indian consumers to eliminate friction and enhance security in online payments.
- The Identity Check Express was first displayed at the Global MasterCard Cybersecurity Summit.
- The initiative has been taken as it was found that about 20% of mobile e-commerce transactions are abandoned mid-way, in an analysis done by MasterCard.
- To provide an uninterrupted mobile payment experience, the MasterCard Identity Check Express includes the latest EMV 3-D Secure and FIDO authentication standards, device intelligence, and behavioural biometrics.
- Onetime merchant-specific consent will be shared under the Identity Check Express, to offer a frictionless payment experience to MasterCard cardholders at leading merchants for an amount less than Rs 2,000.
- The cardholders will be authenticated with a PIN for transactions greater than Rs 2,000.