MasterCard has confirmed its plans to eliminate password requirement in online payments to enrich online transactions experience with fewer password interruptions at the point of sale.
The company will utilize other cardholder data and authenticate the user with one-time passwords, or fingerprint bio-metrics, rather than burdening the card users with static passwords to be fed into the memory.
The new protocol, which is to be co-created by MasterCard in partnership with Visa, will be available for adoption this year and will gradually replace the current 3D Secure protocol.
MasterCard enterprise security solutions president Ajay Bhalla said: "All of us want a payment experience that is safe and simple, not one or the other. We want to identify people for who they are, not what they remember. We have too many passwords to remember and this creates extra problems for consumers and businesses."