Correct Answer :   Mastercard

Mastercard has launched (1st Sep 2023) the ALT (Alternate Identification Number) ID solution in India to enhance the security of guest checkout transactions on ecommerce platforms, simplifying payments for merchants and cardholders.

As per the announcement information, ALT ID is a custom-made capability developed by Mastercard to create an alternate identifier for the real card numbers provided by cardholders when at guest checkout transactions on ecommerce platforms. The solution is designed to help increase online payment security for both merchants and consumers.

Mastercard’s ALT ID Solution Capabilities and Launch Context :

Mastercard has previously rolled out a card-on-file tokenization solution for cardholders to be able to complete transactions in a safe manner, without revealing sensitive card details. The Mastercard ALT ID solution is designed for cardholders who carry out transactions without saving their cards, also referred to as guest checkout. It helps create and store an alternative identifier for every card, thereby bettering the security of these types of online payments.

The ALT ID solution is set to provide cardholders with multiple advantages, such as non-storage of card numbers on merchant websites and protection against potential data breaches. When talking about merchants and payment service providers, it is set to enable them to secure the card numbers with minimal development efforts, while simultaneously helping improve the payment experience of their customers.

Commenting on the launch, Anubhav Gupta, Senior Vice President, South Asia, Mastercard said that the ALT ID solution showcases the enterprise's ongoing endeavour to introduce innovative products and solutions that are compliant, user-friendly, and increase the safety and security of digital payments, while helping make them seamless for both merchants and cardholders. By ensuring an increasingly safer shopping experience, the solution is also believed to support the growth of ecommerce in India.

Sheetal Lalwani, Co-founder & COO, Juspay stated that the launch of ALT ID is to support the company’s efforts to secure the digital experiences of cardholders who don’t want to save their cards with merchants, saying that leveraging the Juspay platform, they are ensuring that merchants can transition customers to ALT ID in a simple manner, without any changes at their end.

Mohit Gopal, COO of PayU India added that Mastercard’s ALT ID solution for guest checkout transactions underscores PayU’s foundational commitment to bettering digital payment security, convenience, and accessibility. The spokesperson believes the service will empower cardholders, merchants, and payment service providers with a simplified and fortified approach to online transactions.

Further adding on this, Khilan Haria, SVP and Head of Payments Product, Razorpay said that they’re looking forward to collaborating with Mastercard for its ALT ID solution, stating that the association will benefit merchants through increased payment success rates and no integration effort, while strengthening the company’s commitment to developing a more secure and extensive ecosystem for digital payments...

Source : The Paypers