Wednesday, June 12, 2024 Mastercard today unveiled its goal to achieve 100% e-commerce tokenization in Europe by the end of this decade. This initiative aligns with a global mission to eliminate manual card entry and enhance the safety and accessibility of e-commerce for all. As payment systems become more sophisticated, Mastercard is utilizing tokenization, streamlined guest checkout, and payment passkeys to deliver a uniform experience across various devices, browsers, and operating systems.
Key Points: Significance: Mastercard is spearheading this initiative in Europe due to its history of payments innovation, such as contactless payments. Since its introduction in 2014, Mastercard’s tokenization service now secures 25% of global e-commerce transactions, with adoption growing by 50% annually. Tokenization offers numerous benefits, transforming everyday technologies like phones and cars into commerce devices.
Combining tokenization with Click to Pay and payment passkeys benefits the entire ecosystem, offering consumers faster and safer checkouts, merchants increased sales and fraud protection, and issuers top-of-wallet status and enhanced customer security. Hear from the experts:.
