MasterCard has concluded plans to eliminate password in online payments.
President Enterprise Security Solutions, MasterCard, Ajay Bhalla, said: “All of us want a payment experience that is safe and 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 company said its approach is to utilise richer cardholder data, which will result in 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 bio-metrics, rather than committing static passwords to memory.
The company has been championing the co-creation of a new authentication standard, which when adopted, will be the largest wholesale upgrade to on-line payment security.
It will benefit consumers, banks and merchants alike, with invisible authentication and fewer prompts for passwords.
Also, MasterCard said it has struck a new partnership with Visa to create protocol that will re-position on-line payment this year. The goal of this partnership is to eliminate the use of password during on-line payments.
At the last quarter of 2014, MasterCard revealed the vision for on-line payments beyond passwords.
It said it would increase security and make life easier for cardholders.