Mastercard to leverage NuData behavior analysis for untapped African payments market

Mastercard plans to leverage the data analysis technology it acquired in 2017 with NuData Security to address the potential of the African payments market, Business Daily reports.

Nearly 95 percent of transactions in Africa are made in cash, and Mastercard General Counsel Tim Murphy said on a recent visit to Nairobi, Kenya, that security enhancements provided by NuData’s flagship product NuDetect improve the company’s ability to prevent payment fraud in the largely untapped market.

“The use of behavioral analytics is a whole new game changer in the way payments fraud can be detected and deterred and since the security of customers is the ultimate concern for shoppers and merchants, we hope to capture a significant chunk of this untapped market,” says Murphy.

Concerns area increasing about payments security in Africa, according to Business Daily, and the ability to flag risky accounts could be valuable to banks and financial institutions.

NuData Security Engineer Don Duncan told Biometric Update that online authentication is in the midst of a dramatic transformation. Mastercard also announced a partnership with Microsoft late in 2018 to collaborate on a decentralized universal ID system.

Article Topics

Africa  |  behavioral biometrics  |  biometric payments  |  Mastercard  |  NuData Security