The innovation comes after the RBI’s relaxation of rules regarding transactions below ?2000. The new solution provides sellers with customer details automatically after the first purchase, while for those above ?2000 users can create a unique transaction PIN.
Mastercard has stated that 20% of people left online transactions midway because of multiple redirections during the generation of OTP. This makes the task hectic and tiring.
Ajay Bhalla, president-cyber and intelligence solutions, Mastercard, said, “Mastercard’s digital by default DNA drives us to constantly innovate to enhance the convenience and security of digital payments. On the other hand, we have foiled security breach attempts worth billions of dollars globally.”
The company further claims that this is the first of its kind and is not used anywhere else In the world. The new tech will give better security and ease of use at the same time. Showing confidence In the growth of India’s e commerce space, it announced an investment of 1 billion dollars in the next 5 years In India
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