The FINANCIAL — MasterCard on October 6 introduced MasterCard Identity Check, a suite of technology solutions that leverage advanced technologies to prove a consumer’s identity and further simplify the online shopping experience.
Existing methods to prove an identity online can take shoppers away from a retailer’s website. This final step can be time consuming and potentially result in the purchase being declined or abandoned. MasterCard Identity Check will put identity verification at the cardholder’s fingertips using technologies such as biometrics and SMS-delivered one-time passwords, according to MasterCard.
“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, MasterCard. “This is exactly what Identity Check delivers.”
MasterCard Identity Check extends the company’s commitment to upgrade to online payment security. The use of technology and data will move from a reliance on what the consumer knows (passwords), to what they have (mobile phone or other smart device) and who they are (biometrics). Hundreds of cardholders in the Netherlands began using biometric-enabled payments last month, while a similar trial is also underway in the U.S.
U.S. financial institutions can choose to participate in MasterCard Identity Check beginning in the middle of 2016, with a global expansion in 2017.
New Global Consumer Survey Supports Next Generation Checkout
This next generation of consumer authentication is verified by recent research. According to a MasterCard survey, 53 percent of shoppers forget crucial passwords more than once a week, losing more than 10 minutes when they reset their accounts.
As a result, more than a third of people abandon an online purchase, while six in 10 said it led to missing a time-sensitive transaction like buying concert tickets. More than half of people want to see passwords replaced by something more convenient, while continuing to deliver the same levels of protection and peace of mind.