Mastercard, Federal Bank partner to secure digital transactions

MastercardGlobal payments technology firm Mastercard has collaborated with Federal Bank to offer an additional layer of security pertaining to digital transactions.

Mastercard has inked a strategic partnership with Federal Bank to provide identity verification to the bank’s cardholders, it said in an announcement.

Mastercard Identity Check is a global authentication program that uses the latest authentication standards of EMV 3-D 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 offers lenders with a secure and user-friendly procedure to verify cardholders without the use of static passwords, increasing approval rates.

The facility eliminates online shopping cart abandonment, reduces the level of frauds and corrects conversion rates for e-commerce merchants. Implementation of this technique in other regions has resulted in 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 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.

The Banking & Finance Post is an initiative of Elets Technomedia Pvt Ltd, existing since 2003.
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