MasterCard introduces Identity Check
Existing methods to prove an identity online can take shoppers away from a retailer’s website at the final stage of shopping.
MasterCard Identity Check will allow shoppers to verify their identity using technologies such as biometrics and SMS-delivered one-time passwords.
“MasterCard is always looking for innovative ways to make everyday transactions faster, easier and more secure for customers,” said Garry Duursma, head of market development and innovation for MasterCard Australasia.
“Australians are technologically savvy and fast to adopt innovative payment options; with ATM cash withdrawals continuing to decline and online shopping on the rise, MasterCard’s Identity Check will be a welcomed development for shoppers concerned about security online.”
MasterCard says 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).
A trial of biometric-enabled payments is underway in the US, and US financial institutions can choose to participate in MasterCard Identity Check beginning in the middle of 2016, with a global expansion planned for 2017.
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