This mobile-first authentication solution aims to redefine the ecommerce experience for Indian consumers, by obviating the need for an OTP to authenticate consumers put through mobile transactions. India is the first market where Mastercard is launching the Identity Check Express.
Identity Check Express uses a sophisticated technology of 200 data elements to identify users, and is essentially multi-factor authentication, not just two-factor as in India. According to an analysis by Mastercard, OTP has been an issue for Indian consumers, largely due to sluggish data speeds and high OTP delivery failure rate. This resulted in up to 20% of mobile ecommerce transactions being abandoned mid-way.
Identity Check Express will offer a frictionless payment experience to Mastercard cardholders at leading merchants for amounts less than INR 2,000 on their trusted mobile device by sharing a one-time merchant specific consent. For transactions greater than INR 2,000, cardholders will be able to authenticate themselves with a transaction PIN of their choice.
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