Mastercard has announced its goal of achieving 100% tokenization of e-commerce in Europe by 2030, which will mean gradually eliminating the manual introduction of cards, as reported in a statement.

Introduced in 2014, the company's tokenization service today secures 25% of all e-commerce transactions globally, with adoption accelerating 50% year on year.

As payments become more complex, Mastercard says it is leveraging tokenization, streamlined guest checkout and payment access keys to create a “consistent” experience across devices, browsers and operating systems.

In the statement, the company explains that tokenization replaces the card number, which is usually between 16 and 19 digits, with a randomly generated one. In 2013, Mastercard developed the tokenization standard, which was later adopted by EMVCo, the consortium that manages global payment standards.

 Currently, to eliminate manual card entry, the company is facilitating the integration of 'Click to Pay', its online payment tool, in online stores and allowing banks to help users register their cards.

"The fusion of tokenization with Click to Pay and access keys or payment passkeys - which take advantage of biometric authentication based on online mobile devices to eliminate passwords and single-use codes - benefits the entire financial ecosystem: users will be able to experience faster and more secure payments; merchants will see increased sales, fraud protection and higher approval rates; and issuers will gain customer security and increased card usage," the company defends.

https://www.europapress.es/economia/finanzas-00340/noticia-mastercard-compromete-alcanzar-100-tokenizacion-comercio-electronico-europa-2030-20240612184129.html