Mastercard ties-up with Federal Bank for identity check security for digital transactions
Global payments technology major Mastercard has joined hands with Federal Bank to provide an additional layer of security for digital transactions.
Mastercard has entered into a partnership with Federal Bank to offer identity check to the bank's cardholders, the company said in an announcement.
Mastercard Identity Check is a global authentication programme that uses the latest authentication standards of EMV 3D Secure to provide an additional layer of security for digital transactions and facilitate higher approval rates, improving the authentication experience for merchants, issuers, and cardholders.
It provides banks with a secure and user-friendly way to authenticate cardholders without the use of static passwords, increasing the approval rates.
The facility 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 percent.
"We believe that this new solution will provide a seamless experience and will find instant affinity among our Mastercard cardholders," said Shalini Warrier, Chief Operating Officer, Federal Bank.
"The launch of the Identity Check programme by Federal Bank and Mastercard will go a long way in providing ease of payments with advanced security to shoppers," said Govind Setlur, Chief Executive Officer, Wibmo, payment solutions partner for Federal Bank.
"Mastercard is committed to creating innovative payments solutions that deliver enhanced safety and security at every touchpoint, to enable simple, frictionless consumer experiences," said Sujay Vasudevan, Vice-President, Cyber & Intelligence Solutions, South Asia, Mastercard.
Earlier in November, payments technology company Mastercard had announced the launch of its Fintech Express programme in the Asia Pacific region. The Fintech Express programme on-boards partners and provides immediate access to a cross-functional team of experts to support multiple work streams across product, partnerships, licensing, and legal.
While announcing the launch, Mastercard also said it had on-boarded B2B fintech-as-a-service provider, Rapyd as its first partner in the programme. The company will, through this partnership, help in issuing cards for Rapyd’s corporate clients in the Asia Pacific region.
(Edited by Suman Singh)
(Disclaimer: Additional background information has been added to this PTI copy for context)