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Mastercard launches ALT ID solution for enhanced online payment security
September 01, 2023
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Mastercard has unveiled its ALT ID solution that addresses the twin security and convenience requirements in customer check-outs online by preventing exposure of sensitive card information during transactions.
The ALT ID solution, standing for Alternate Identifier, is a bespoke capability that creates an alternate identifier for actual card numbers provided by users during guest check-out processes. This novel identifier reduces the vulnerability of exposing sensitive card data in the event of unauthorized access or data breaches.
Merchants who integrate ALT ID can secure card numbers with minimal adjustments to their existing systems. Leading payment companies, including Juspay, PayU and Razorpay, have announced that they will enable merchants to transition customers to ALT ID without significant hassles.
According to Anubhav Gupta, Senior Vice President, South Asia, Mastercard ALT ID will support the growth of e-commerce in India by ensuring safer shopping experience.
“The launch of ALT ID will support our efforts to secure the digital experiences of cardholders who don’t wish to save their cards with merchants. Leveraging the Juspay platform, we are ensuring that our merchants are able to seamlessly transition customers to ALT ID without any changes at their end,” said Sheetal Lalwani, Co-founder & COO Juspay.
Important Links:
- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://tscfm.org/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/