Described by MasterCard as ‘the largest wholesale upgrade to online payment security’, the new standard could be adopted by the industry as early as 2015. By 2018, payments on mobile devices are predicted to represent 30% of all online retail sales, so the new standard promises move security infrastructure beyond the era of the PC.
The move will benefit consumers, banks and merchants alike, and will incorporate invisible authentication and far fewer prompts for passwords when paying online. In fact, should the event of authentication arise, consumers will be able to use fingerprint biometrics or one-time passwords to identify themselves, meaning that remembering a static password will not be quite as necessary.
Ajay Bhalla, MasterCard’s president of enterprise security solutions, commented: “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.”