Passwords are obsolete: Mastercard is preparing a new identification formats

The company wants to verify the user using biometric identifiers when making online payments

Пароли устарели: Mastercard готовит новый формат идентификации

Passwords are obsolete: Mastercard is preparing a new format for identification. Photo:

Technology developed by Mastercard Labs, allows the use of biometric identifiers such as fingerprint, iris and facial recognition for identity verification.

This method facilitates the recognition of the user via the mobile device during online shopping and improves the security of banking operations.

According to Mastercard, from 1 to 2% of online transactions performed in the Republic of Ireland, requires authentication of the cardholder to complete the transaction, and customary this is done through password. It is expected that this percentage will increase to 25% by the fall of 2019, when it will come into force new requirements regarding authentication.

Moreover, studies have shown that 95% of offline transactions are approved by banks, the number of approved online transactions is 86%.

Sonia Gilan, Manager of Mastercard in Ireland, believes that the use of a password for authentication obsolete since people tend to forget them.

She also notes that for this reason, people are moving from cash to card, from password to fingerprint and even at the expense of introduction of innovative technologies and even such innovative technologies as artificial intelligence.

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