Mastercard involved in several new biometrics-backed payment systems
Mastercard has launched a mobile authentication solution featuring behavioral biometrics in India to increase security and reduce friction in e-commerce transactions, Live Mint reports.
The new Mastercard Identity Check Express uses behavioral biometrics and device intelligence, and meets EMV 3-D and FIDO authentication standards.
Up to 20 percent of mobile e-commerce transactions are abandoned before completion, according to Mastercard analysis.
Transactions below 2,000 rupees (US$28) can be completed on the user’s trusted mobile device without additional steps, while larger transactions will require authentication with a PIN.
“With the growing spending power and aspirations of Indian consumers fueling the growth of e-commerce in the country, Mastercard’s digital by default DNA drives us to constantly innovate to enhance the convenience and security of digital payments. The launch of Identity Check Express does just that for consumers and merchants. Mastercard is ensuring that you are you – without any doubt – by strengthening and simplifying checkout to ensure higher transaction success rates while mitigating fraud,” says Mastercard President of Cyber and Intelligence Solutions Ajay Bhalla.
Mastercard has also formed a partnership with biometric mobile payments app Mezu to launch a digital debit card for both domestic and international use, according to a company announcement.
The co-branded MezuCard, issued by Community Federal Savings Bank (CFSB), can be used anywhere Mastercard is accepted, and with popular apps around the world. Mezu has also announced full integration with Apple Pay, Google Pay, and Samsung Pay to provide even more payment options.
Mezu says its technology enables users to make and collect payments without sharing personal information.
“We are excited to launch our worldwide partnership with Mastercard with the new global MezuCard,” says Mezu Co-Founder, CEO and President Yuval Brisker. “By launching a digital-only debit card, we’re making good on our commitment to provide the most payment options on the most private payment platform available today. Mezu doesn’t ask its customers to sacrifice privacy in the name of convenience, or convenience for the sake of privacy. We believe users should have it all and with the MezuCard launch, it’s never been easier to make payments anywhere in the world, easily, securely and privately.”
Details have emerged about Apple’s hybrid physical and digital credit card, which secures each transaction with either Touch ID or Face ID biometric authentication, reports CNet.
In addition to biometrics, each purchase requires a one-time dynamic security code, according to the report, and all transaction data is stored locally on the device, not Apple’s servers. The card is issued by Goldman Sachs and Mastercard, and can be used anywhere Mastercard is accepted. Users get cash back for purchases, with the amount depending on whether the physical or digital card is used, and a bonus for purchases from Apple.
The Apple Card will be launched in the U.S. in August, with an international release expected but not yet announced.