📱 Mastercard plans to eliminate passwords and manual card data entry by 2030

📱 Mastercard plans to eliminate passwords and manual card data entry by 2030

T — Tokenization, B — Biometrics. And goodbye to one-time codes for online payments. A Mastercard study reveals that nearly 2 out of 3 shoppers struggle with entering their card details manually, and 25% of shopping carts are abandoned due to the complexity or slowness of the process.

➡️ The solution, called Mastercard Payment Passkey Service, is already operational in countries like India🇮🇳 (where it covers 100% of e-commerce), Singapore🇸🇬, and the United Arab Emirates🇦🇪. This technology, in use since 2014, now accounts for 30% of Mastercard transactions worldwide.

➡️ The system employs biometric authentication methods (fingerprint, facial recognition, and tokenization) to ensure that no financial account data is transmitted to third parties.

➡️ Tokenization replaces the 16-19 digit card number with a secure token, reducing fraud and improving transaction approval rates.

➡️ Mastercard’s latest innovation, Click to Pay, enables users to store multiple cards on their mobile device and make payments without entering card details or passwords.

➡️ This technology is expected to generate up to 2 billion dollars in additional global sales for merchants every month.

➡️ By 2030, tokenization is projected to cover 100% of e-commerce in the EU, with plans for further global expansion afterward.

#news #Europe #Asia

🏦 Payouter.com — looking for traders for processing in 🇮🇳 India: P2P, P2C, Intent. We are waiting for you