Mastercard launches ALT ID Solution for guest checkout transactions

financialexpress.com:

Mastercard has launched ALT ID solution for guest checkout transactions, wherein, the payment network will create an alternate identifier for each card to replace the real card numbers provided by cardholders during online transactions.

While the company had earlier rolled out card-on-file tokenization solution for cardholders to safely complete transactions without revealing sensitive card details, the Mastercard ALT ID solution is meant for cardholders who carry out transactions without saving their cards.

The ALT ID solution will provide multiple advantages to cardholders, such as non-storage of card number on merchant websites and protection from potential data breaches. It will allow merchants and payment service providers to secure the card numbers with minimal development efforts and improve the payment experience of their customers.

“This innovation will empower cardholders, merchants, and payment service providers like us with a streamlined and fortified approach to online transactions,” says Mohit Gopal, chief operating officer, PayU India.