HYPR, a provider of credit card authentication solutions for corporations, announced news on Wednesday (Dec. 6) that it received a strategic investment from Mastercard and has been included in the payment company’s latest Mastercard Start Path class. The program is a global initiative aimed at helping companies that have the potential to transform the future of commerce.
In a press release covered by Finextra, HYPR said that Mastercard’s strategic investment enables HYPR’s decentralized authentication solutions to extend to the millions of users across the Mastercard payments ecosystem. According to the company, with 30 billion devices expected to be connected to the internet by 2020, there needs to be a way to secure and properly authorize them when they are used to make a purchase. The company’s solution improves security and lowers the risk of a data breach at an enterprise by putting consumers’ credentials on the device instead of a central database.
“The importance of secure authentication has never been greater,” said Roman Kadinsky, COO of HYPR in the press release. “Working with Mastercard allows us to bring our decentralized authentication systems to more devices and payments across the IoT.”
According to HYPR, institutions leveraging Mastercard are able to further provide customers with a faster, more secure, banking experience with the HYPR technology. Beginning with mobile payments, the collaboration aims to expand into online banking, merchant services, connected cars and various Internet of Things (IoT) initiatives, the company said.
“People need the peace of mind that their personal information, their money and their identity are secure in the digital age,” said Bob Reany, executive vice president of Global Products and Services for Identity Solutions at Mastercard, in the same press release. “We are committed to advancing a consumer-centric vision of security grounded in giving people the ability to maintain control of their data. HYPR’s technology is a smart way to keep critical data where it belongs — close to the consumer.”