MasterCard Introduces Identity Solution for Online Shopping

MasterCard PowerPoint Title and Divider Slide TemplateMasterCard has introduced a new suite of solutions that leverage advanced technology to prove a consumers identity and simplify the online shopping experience for both consumers and retailers.

MasterCard Identity Check aims to put identity verification at the cardholders fingertips by using technologies like biometrics and SMS-delivered one-off passwords, as opposed to existing methods which can take shoppers away from retailer websites, risking purchase abandonment.

“Today, people shop on all sorts of devices, and they expect technology to simplify and secure the transaction,” said Ajay Bhalla, president of enterprise security solutions for MasterCard. “This is exactly what Identity Check delivers.”

The suite extends the companys commitment to upgrading online payment security, moving from a reliance on what the consumer knows, such as passwords and PINs, to what devices they have and who they are, in the form of biometric identification.

The company has already trialed biometric-enabled payments in the Netherlands, and has a similar test underway in the US. Financial institutions in the US will be able to employ Identity Check from the middle of 2016 onwards, with a global rollout planned for 2017.