MasterCard’s cloud-based wallet has been combined with SecureKey and Intel’s Identity Protection Technology to provide MasterPass wallet holders and merchants with an additional level of hardware-based security to help reduce fraud and more convenient online payment transactions.
The Identity Protection Technology is included in all Intel-inspired Ultrabook devices and PCs with the latest Intel Core processors and enables hardware-based two-factor authentication solutions for online websites and business log-ins. Some UltraBooks are also equipped with NFC to read contactless bank cards as well, says Andre Boysen, executive vice president of marketing at SecureKey.
When a consumer is making a purchase from a site that is MasterPass enabled it will recognize the credentials stored in the Ultrabook. Consumers will have to still enter a user name and password but won’t have to fill out the credit card information, address or other information. Also, if the Ultrabook has an NFC reader the consumer will be able to tap the card to authorize the transaction.
The SecureKey solution reads the contactless bank card and performs the card authentication using the existing issuer payment network over an encrypted channel. This implementation provides equivalent security to a card-present transaction, which over time may significantly reduce the fraud risk for card issuers and lower transaction costs for merchants. The NFC capabilities also eliminate the need for the consumer to manually enter payment and shipping information by enabling consumers to load new cards into MasterPass-connected wallets with a tap.
This capability can also be to make purchases on mobile devices through apps or a browser.