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 is here.
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.
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.
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.
For data, background and forecasts on MasterCard: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).