Mastercard has launched a mobile-first authentication solution to simplify online shopping for Indian consumers.
The solution, named Identity Check Express, is designed to facilitate online transactions by streamlining identity verification processes.
With the latest offering, Mastercard aims to address 20% of mobile e-commerce transactions which are abandoned midway. Most of these transactions are abandoned due to time-consuming payment processes and mobile network fluctuations.
Identity Check Express is equipped with device intelligence and behavioural biometric technologies. It also complies with the latest EMV 3-D Secure and FIDO authentication standards.
With the solution, Mastercard cardholders can avail a faster payment experience at leading merchants by sharing a onetime merchant specific consent. The service will be available for all purchases less than INR2,000 through their mobile devices.
On transactions greater than INR2,000, the cardholders can validate the purchases with a transaction PIN of their choice.
Mastercard Cyber and Intelligence Solutions president Ajay Bhalla said: “With the growing spending power and aspirations of Indian consumers fuelling the growth of e-commerce in the country, Mastercard’s digital by default DNA drives us to constantly innovate to enhance the convenience and security of digital payments.
“The launch of Identity Check Express does just that for consumers and merchants. Mastercard is ensuring that you are you – without any doubt – by strengthening and simplifying checkout to ensure higher transaction success rates while mitigating fraud.”
Last month, Mastercard partnered with SumUp to increase electronic payment acceptance locations in Europe.