Mastercard, a global payment solutions, headquartered in New York, has started a card payment feature that will allow customers to do uninterrupted transactions while paying online.
The feature, named as ‘Identity Check Express‘, will eliminate unnecessary friction and enhance security of online transactions without the need to be re-directed to a third website to complete the payment process.
The feature was revealed at the Global Mastercard Cybersecurity Summit, held in India for the first time.
“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,” said Ajay Bhalla, President, Cyber and Intelligence Solutions, Mastercard.
Mastercard Incorporated is an American multinational financial services corporation headquartered in New York, United States. It is a leading global payments & technology company that connects consumers, businesses, merchants, issuers & governments around the world.
While, Mastercard said that upto 20 per cent of mobile e-commerce transactions are abondoned mid-way.
For transactions above Rs 2,000, cardholders will be able to authenticate themselves with a transaction PIN of their choice. The feature, apart from mobile transactions, will support payments done through desktops as well.
Furthermore, Deepak Abbot, Senior Vice President, Paytm, said Mastercard is building a simple, easy to use mobile payments system that leverages their extensive card network in India.
“This will undoubtedly accelerate the digital India mission and get many more people to transact using Paytm. Our partnership with Mastercard will benefit Indians in every corner of the country with seamless digital payments capabilities,” Abbot added.