Mastercard Alt ID Solution: Mastercard has introduced ALT ID solution, a customised tool that generates an alternative identifier for card numbers during guest checkout transactions on e-commerce websites, in an effort to address security and convenience measures for consumers on online platforms. The solution will facilitate online transactions on merchant websites. Additionally, it will combat data breaches by averting the exposure of sensitive card information during transactions. The facility aims to increase the security of online payments for both merchants and consumers, according to the company.
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What is the Mastercard Alt ID Solution?
According to Mastercard, the ALT ID solution is intended for cardholders who conduct online transactions without storing card information. With this, they will be able to generate and retain an alternate identifier for each card, thereby enhancing the security of online payments of this nature.
Mastercard’s Senior Vice President of South Asia, Anubhav Gupta, stated that the solution will support the development of e-commerce in India and provide customers with a safer shopping experience. “The ALT ID solution is further evidence of Mastercard’s commitment to introducing innovative products and services that are compliant, user-friendly, and enhance the safety and security of digital payments while making them seamless for both merchants and cardholders,” he added.
Sheetal Lalwani, co-founder and chief operating officer of Juspay, stated that the introduction represents the company’s efforts to secure the digital experiences of cardholders who do not wish to have their card information saved by merchants. In addition, she stated that the Jusapay platform will ensure that merchants can transition customers to ALT ID without requiring any adjustments on their end.
How does it facilitate online transactions?
Mastercard’s ALT ID solution is intended to safeguard online transactions. In addition to guest checkout and the ability to conduct transactions without storing card information on merchant websites, it provides cardholders with a number of additional benefits. The instrument will aid in safeguarding customer data from potential breaches. Additionally, the facility will enhance the payment experience.
The tool will enable merchants and payment service providers to keep card numbers secure with minimal development effort.
Notably, this is not the first time that the company has taken measures to ensure the security of online transactions. Previously, it had implemented a card-on-file tokenisation solution to assist cardholders in completing transactions without disclosing their sensitive card information.
