Mastercard has announced its vision for 100% e-commerce tokenisation in Europe by the end of the decade. This supports a global commitment to phase out manual card entry and make e-commerce safer and more accessible for everyone.
As payments become more intricate, Mastercard is leveraging tokenisation, streamlined guest checkout and payment passkeys to create a consistent experience across devices, browsers and operating systems.
Contactless payments have made in-person payments seamless and ubiquitous – there’s an opportunity to bring that same experience to online checkout.
Despite rigorous security solutions put in place by the payments industry, online commerce continues to face vulnerabilities due to bad actors. According to Juniper Research, losses from online payment fraud is forecasted to exceed US$91 billion by 2028.
Mastercard is bringing together key solutions to reduce threats and make online commerce not only ubiquitous:
1. Tokenisation replaces the 16-19 digit number on the payment card with a secure token, reducing fraud and also improving approval rates
2. To eliminate manual card entry, Mastercard is making it easier to embed Click to Pay into merchant sites and enabling bank partners to help people enrol their cards
3. Payment passkeys are leveraging online mobile device-based biometric authentication to eliminate passwords and one-time codes
Merging tokenisation with Click to Pay and payment passkeys benefit the entire ecosystem. Consumers will experience faster and safer checkouts.