Money & Banking

Mastercard partners Federal Bank for identity check programme

Our Bureau Mumbai | Updated on December 12, 2019 Published on December 12, 2019

Global payments major Mastercard has launched its new security function in India for digital transactions in partnership with Federal Bank.

Called the Mastercard Identity Check, it provides a secure and user-friendly way to authenticate cardholders without the use of static passwords and also increases approval rates.

It is a global authentication programme that uses the latest authentication standards of EMV 3-D Secure and will provide an additional layer of security for digital transactions.

“It also decreases online shopping cart abandonment, reduces fraud and improves conversion rates for e-commerce merchants. Implementation in other regions has shown an increase in digital transaction approvals of nearly 13 per cent,” Mastercard said in a statement, adding that customers can shop at ease in-app, on a browser or an IoT-enabled device.

“We believe that this new solution will provide a seamless experience and find instant affinity among our Mastercard cardholders,” said Shalini Warrier, chief operating officer, Federal Bank.

Sujay Vasudevan, Vice-President, Cyber and Intelligence Solutions, South Asia, Mastercard, said, “Mastercard is committed to creating innovative payments solutions that deliver enhanced safety and security at every touchpoint, to enable simple, frictionless consumer experiences.”

 

Published on December 12, 2019
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