MasterCard cuts e-business authentication charges

MasterCard has announced lower transaction charges for online merchants using the company's SecureCode service to authenticate customers.

MasterCard has announced lower transaction charges for online merchants using the company's SecureCode service to authenticate customers.

The move is designed to boost the security of the credit card issuer’s payments system.

The company also said it would offer free network vulnerability scans for merchants, under a new programme to encourage firms to adopt policies designed to protect consumer data.

MasterCard chief risk officer Chris Thom said, “We’re working collaboratively with merchants by providing them with practical content, tools and support to help protect their customers' data.”

Merchants using SecureCode would be eligible for discounted charges as much as 16% lower than fees associated with face-to-face transactions, said the company.

SecureCode is a MasterCard service that allows merchants to authenticate online customers by requiring them to enter a passcode, known only to cardholders and issuing banks.

To become SecureCode-compliant, merchants need to install a plug-in application to ensure their transaction processor supports the program.

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