In a first, Mastercard enables OTP less online transactions

Analysts suggest that up to 20% of mobile e-commerce transactions are abandoned midway because of mobile network fluctuations and payment gateway issues. Mastercard has enabled new mobile-first authentication solution called Identity Check Express that allows users to do online transactions below Rs 2,000 without the need to authenticate OTP — something it has done for the first time globally. While RBI had earlier mandated the use of two-factor authentication, it had relaxed the rules after demonetisation for transactions below Rs 2,000.

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