This week saw the launch of Identity Check Express, Mastercard’s mobile-first authentication solution in India. The tap-and-go format made standard amongst debit and credit cards over the last few years was made available to millions of Indian mobile users on 6 August, with the goal of delivering uninterrupted e-payment experiences.
Users can complete transactions through their mobile devices at participating merchants for purchases of less than 2,000 rupees by sharing a onetime merchant-specific consent indicator. For transactions of more than 2,000 rupees, cardholders can validate using a transaction PIN of their choice. Identity Check Express combines device intelligence and behavioural biometrics, and adheres to the latest EMV 3D Secure and FIDO authentication standards.
A central focus is on improving completion rates, and this week’s launch follows Mastercard’s announcement last month of a partnership with SumUp to increase electronic payment acceptance across Europe. Existing methods which draw users away from the merchant’s website can be time-consuming and inconvenient – particularly where an in-app experience is redirected into a browser – and can lead to customer attrition. Mastercard’s research indicates that as many as 20 per cent of mobile e-commerce transactions are still abandoned mid-way as a result of such friction.
Mastercard’s Cyber and Intelligence Solutions President Ajay Bhalla commented that “with the growing spending power and aspirations of Indian consumers fuelling the growth of e-commerce in the country, Mastercard’s digital-by-default DNA drives us to constantly innovate to enhance the convenience and security of digital payments. Mastercard is ensuring that you are you – without any doubt – by strengthening and simplifying checkout to ensure higher transaction success rates while mitigating fraud.”
In May 2019, Mastercard announced an investment of $1 billion over the next five years in India, a significant portion of which is due to be spent on a Services Hub to build out services in cybersecurity such as authentication and tokenisation. India’s ambitious goal of becoming a largely cashless society in the foreseeable future, with much greater use of digital services by default – while it has not been immune to setbacks – just received a powerful boost from the private sector.
For more on this story see Mastercard’s newsroom entry here.