Existing methods to prove an identity online can take shoppers away from a retailer’s website. This final step can be time consuming and potentially result in the purchase being declined or abandoned.
The use of technology and data will move from a reliance on what the consumer knows (passwords), to what they have (mobile phone or other smart device) and who they are (biometrics).
US financial institutions can choose to participate in MasterCard Identity Check beginning in the middle of 2016, with a global expansion in 2017.
According to a MasterCard survey, 53% of shoppers forget crucial passwords more than once a week, losing more than 10 minutes when they reset their accounts.
As a result, more than a third of people abandon an online purchase, while six in 10 said it led to missing a time-sensitive transaction like buying concert tickets. More than half of people want to see passwords replaced by something more convenient, while continuing to deliver the same levels of protection and peace of mind.
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