I like Daniel’s Q&A answer for this for the overall context.
It’s all in the lead up to PSD2’s Strong Customer Authentication that becomes a requirement in September 2019. You’ll start to see a lot more banks up their game in terms of payment security (including with 3D Secure) and Mastercard has a decent document on it.
One paragraph of note.
Mastercard is mandating that Issuers offer their customers biometric authentication for Mastercard Identity Check/SecureCode […]. Issuers will have to offer an alternative authentication method for cardholders without a smartphone (e.g., an OTP via SMS).
Remember that you can enable Touch ID/Face ID/Android biometrics for authentication from the settings page of the account tab if it’s available on your device!