The app-based authentication solution, commonly dubbed "Selfie Pay" by the media, leverages a mobile device to secure online payments and mobile banking applications using fingerprint and facial recognition.

MasterCard Identity Check employs a layered approach to security, including device cryptography, geolocation, and biometric verification enabling consumers to have a safe and easy way to complete payments online. Banks will benefit by having increased approval rates, providing more choice to consumers, improved cardholder loyalty and a strong fraud protection tool. The technology will help merchants reduce cart abandonment thus helping drive revenue.

"Daon is dedicated to sharing this journey with MasterCard to provide cardholders with an easy, convenient and secure way to assert their identity online," said Tom Grissen, chief executive officer at Daon. "The IdentityX Platform was designed with an eye toward the future, allowing for easy integration of new biometric modalities as they become available and to provide enhanced security over a singular reliance on device fingerprint sensors, which allows for step-up authentication on particularly risky transactions."

"We've been working for some time to blend our own know-how and experience with best-in-class technology across the globe to make online shopping even easier," said Bob Reany, executive vice president for Identity Solutions at MasterCard. "Recent consumer trials showed the benefit of integrating Daon's platform, as consumers overwhelmingly preferred biometric authentication over passwords because they are easy and safe to use. We look forward to rolling out Identity Check this summer in the U.S., Canada and the UK."