Mastercard has announced a partnership with Federal Bank that will see its Mastercard Identity Check (MIC) platform become available for its customers throughout India.
The EMV 3-D Secure MIC platform allows for biometric identification, giving card-holders the added security of two-factor authentication, which Mastercard says decreases instances of online shopping cart abandonment and reduces cases of fraud while providing increases to approval rates.
Mastercard also claims that the inclusion of the MIC platform has led to the growth of digital transaction approvals by nearly 13% in other countries where it has been implemented.
“We believe that this new solution will provide a seamless experience and will find instant afinity amongst our Mastercard cardholders,” said Shalini Warrier, chief operating officer of Federal Bank.
Speaking of their partnership with Federal Bank, the vice-president of cyber and intelligence solutions for Mastercard South Asia Sujay Vasudevan said “Mastercard is committed to creating innovative payment solutions that deliver enhanced safety and security at every touchpoint, to enable simple, frictionless consumer experiences.”
The partnership is Mastercard’s latest move in the Indian market after it provided an undisclosed amount of money as part of a Series-A funding round for Indian digital identity startup Syntizen Technologies.
Sources: Times of India, Inc42, ThePaypers
December 24, 2019 – by Tony Bitzionis