MasterCard has outlined its vision for online payments beyond passwords in what the global payment technology cites as plan to make life simpler for cardholders.
The mobile payment solution company believes that the system will be of great benefits to consumers, banks and merchants alike, with invisible authentication and far fewer prompts for passwords.
[su_quote cite=”MasterCard”]”By 2018, payments on mobile devices are expected to represent 30% of all online retail sales and therefore the new standard will move security infrastructure beyond the PC era, supporting emerging technologies and changing consumer needs.”[/su_quote]
By 2018, payments on mobile devices are expected to represent 30% of all online retail sales and therefore the new standard will move security infrastructure beyond the PC era, supporting emerging technologies and changing consumer needs, according to MasterCard.
‘’MasterCard’s approach is to utilise richer cardholder data, which will result in far fewer password interruptions at the point of sale. In the event that an authentication challenge is needed, cardholders will be able to identify themselves with the likes of one-time passwords, or fingerprint biometrics, rather than committing static passwords to memory’’.
Ajay Bhalla, President of Enterprise Security Solutions, MasterCard said: “All of us want a payment experience that is safe as well as simple, not one or the other. We want to identify people for who they are, not what they remember. We have too many passwords to remember and this creates extra problems for consumers and businesses.”
The new protocol, being co-created with Visa, could be adopted in 2015 and will gradually replace the current 3D Secure protocol.
Other steps MasterCard being taken toward a password-free environment include:
- Evolving its SecureCode programme to support the new standard, resulting in a smoother, simpler and safer experience for cardholders
Piloting commercial tests for facial and voice recognition apps to authenticate cardholders;
Conducting trials of a wristband which authenticates a cardholder through their unique cardiac rhythm. For more information on this, take a look at our latest video on safety and security and our digital press kit on safety and security