In a bid to provide more secure banking options, global payments technology company Mastercard, in partnership with Federal Bank, launched an ‘Identity Check’ feature for banks’ cardholders.
Mastercard’s Identity Check is an authentication feature which uses the latest authentication standards of EMV 3-D Secure to make digital payments more secure. With the increased security factor, it helps in increasing approval rates of digital transactions and improving the overall authentication experience for merchants, issuers and cardholders.
How Identity Check Secures Digital Payments
The Identity Check feature enables banks to authenticate cardholders with a biometric solution which helps to secure digital payments via strong two-factor authentication. The biometric solution replaces the use of static passwords, which are normally used for digital transactions.
According to a MoneyControl report, the new tech and its insights enable consumers to shop anywhere they want with ease. Whether its an in-app purchase or on a browser or through an IoT-enabled device, a customer can use biometric authentication to complete the transaction, thereby eliminating the need for entering OTPs or static passwords.
Mastercard claims that implementation of Identity Check feature in other countries has led to the growth of digital transaction approvals by nearly 13%.
Smartphone To Become POS
Mastercard has been its share to promote the digital payments space in the country. Recently, the company has brought in a new technology in India, wherein a smartphone can be used as a contactless acceptance device.
In simpler terms, the phone with near-field communication (NFC) can become a point-of-sale (PoS) device wherein a user can simply tap the contactless card on the phone to process the payment. Mastercard will be launching this solution in India early next year.
Mastercard also expects to double the contactless payment points to about 30 Lakh in the next two years. In the process, the company also claims to have deployed contactless payment acceptance infrastructure in restaurants, coffee shops, cinema halls, petrol pumps and supermarkets, where the ticket size is low.
Mastercard is also working with the Confederation of All India Traders (CAIT), acquirer banks and fintech companies to promote digital payments acceptance infrastructure and its presence in the country.