Mastercard is taking bold steps to revolutionize online payments by aiming to eliminate manual card entry, passwords, and one-time codes by 2030. With e-commerce growing rapidly, online fraud rates remain seven times higher than in-store transactions, prompting Mastercard to focus on enhancing security and convenience for users and businesses alike.
The solution? Tokenisation, which was introduced by Mastercard and Visa in 2014. This technology replaces traditional card numbers with secure tokens, significantly reducing fraud and improving transaction approval rates. Currently, over 30% of Mastercard’s global transactions are tokenised, with markets like India nearing full implementation for e-commerce.
Mastercard also launched its Payment Passkey Service in regions like India, Singapore, and the UAE, leveraging biometrics such as fingerprints and facial scans to replace passwords and one-time codes. This ensures that no financial data is shared during checkout, making online interactions safer from fraudsters.
To complement these innovations, Mastercard’s Click to Pay service enables users to store multiple cards on their mobile devices and enjoy seamless, secure checkouts without the need for manual card entry or passwords.
With this initiative, Mastercard is positioning itself at the forefront of secure, frictionless payments, preparing for a future where online payments will be simpler, faster, and safer for all users.