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December 13, 2019

Mastercard introduces payment verification solution in India

Mastercard, in collaboration with Federal Bank, has debuted its Identity Check programme in India that allows cardholders to verify transactions without entering a PIN.

Supported by EMV 3-D Secure, Mastercard Identity Check solution augments the digital payment experience by offering an added layer of security with fast approval rates.

The global authentication programme, according to Mastercard, also reduces abandonment of the online shopping cart, decreases fraud, and drives conversion rates for e-commerce merchants.

Additionally, the Mastercard Identity Check programme helps to slash customer service expenses as a result of less calls and password resets, boosts loyalty and engagement with customers.

Overall, the digital solution helps in improving the payment authentication experience for issuers, cardholders, as well as merchants.

It is claimed that digital transaction approvals have increased by 13% after deployment of the Mastercard Identity Check programme.

Federal Bank COO Shalini Warrier said: “We are proud to be the first issuing partner in India to launch the Identity Check program for our cardholders and provide them with superior safety of Mastercard’s global network.

“We believe that this new solution will provide a seamless experience and will find instant affinity among our Mastercard cardholders.”

Mastercard South Asia vice president of cyber and intelligence solutions Sujay Vasudevan stated: “We live increasingly connected lives, and are constantly being asked to authenticate and verify our identities.

“We need a secure but seamless way of doing so – one that is fit for a world where the boundaries between our physical and the digital lives are fading. Mastercard is committed to creating innovative payments solutions that deliver enhanced safety and security at every touch-point, to enable simple, frictionless consumer experiences.”

Federal Bank is the first Indian bank that has implemented the Identity Check programme.

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