A leading global payments and technology company Mastercard announced its new payment feature named ‘Identity Check Express.’ This is a new feature from Mastercard that enhance the safety of online transactions. This feature is going to help millions of consumers who are doing e-commerce transactions. The Identity Check Express is revealed that with the help of this feature, there will be no need to be redirected to a third website to complete the payment process.
According to research done by Mastercard, nearly 20% of e-commerce transactions done on mobile are left in the middle. Also, the verification of identity online with the current procedure taking consumers away from the merchant’s website as the existing method is taking a lot of time. This is due to the issues like customers redirected to browser background or mobile device network deviations. Latest technologies like device intelligence, behavioral biometrics have been included in Identity Check Express. With the addition of EMV 3-D Secure, FIDO authentication makes the payment experience smoother. Customers will get a seamless payment experience at primary traders for an amount of fewer than two thousand rupees. Users have to share a specific consent to the merchant from their reliable mobile devices. However, for the more significant transactions above, ₹2000 users must authenticate themselves by a PIN for purchases. With the growing economy and disposable income, the demand for e-commerce is rising in the country. By launching Identity Check Express feature, the digital payments will be convenient and secure. Mr. Bhalla, who is President of C and I Solutions at Mastercard, said that they are ensuring higher transaction success. He added they are minimizing fraud by solidifying and streamlining checkout.
Mastercard in 2019, announces an investment in India of one billion US dollar for the next five years. In India, an essential share of the investment will aid to establish inland trades processing center. The remaining amount will be invested in cybersecurity. Like, authentication, cyber solutions, and intelligence solutions, tokenization, and data analytics are the services.