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, 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 provides banks with a secure and user-friendly way to authenticate cardholders without the use of static passwords, increasing 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 per cent.
"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 program 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.