Mastercard launched a digital identity verification tool for cardholders. The new technology is designed to improve security and simplify the process of verifying customers’ personal information when making online purchases.
Dennis Gamiello, Executive Vice President and Global Head of Identity at Mastercard, shared about the launch of the new technology, which will allow the payment provider’s customers to securely and quickly obtain confirmation of a cardholder’s identity.
This technology is based on the EMVCo specification and was implemented in Mastercard’s Identity Attribute Verification service, a digital tool that aims to simplify the process of verifying user data by replacing traditional methods such as presenting physical IDs. The technology enables Mastercard credit and debit cardholders to securely and quickly confirm their identity when making purchases both online and in physical stores.
The technology uses biometrics and AI to enhance security and prevent fraud. This solution will enable Mastercard partners to seamlessly verify that consumers meet the criteria for specific products and services, while protecting their privacy.
It’ll be launched in selected countries in Europe in the first phase, and the company plans to expand the availability of the technology to other markets in 2025. As part of the technology integration, Mastercard plans to work closely with government agencies and FinTech organizations to ensure compliance with regulatory requirements and minimize risks in the authentication process.
The Mastercard team recently tested a P2P payment system using alias authentication.
