Mastercard Reveals Bold Plans To Change Online Shopping In The Coming Years
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Mastercard has shared its plan to revolutionize online shopping by 2030. The company wants to stop using physical card numbers and passwords. Instead, it will use fingerprints or face scans to make payments safe. This new technology is already being tested in some countries and will be used everywhere in the next few years.
The goal is to mix two elements: tokenization, which was introduced ten years ago, and biometrics, like fingerprint or face recognition, to make online shopping safer and easier.
Tokenization And Biometrics Will Protect Transactions And Make Shopping Smoother
Mastercard wants every online transaction to be protected with tokens and verified with biometrics. This will help protect shoppers and make their experience smoother.
Even though more people are paying online, there are still some problems, including more fraud online than in stores. Mastercard says fraud happens seven times more often online because card numbers can be seen.
In addition, many people don’t like typing in their card numbers, so they leave items in their online shopping carts. The company’s new technology will help fix these problems by making paying easier and safer.
Jorn Lambert, the Chief Product Officer at Mastercard, stated that Just like how people went from signing and swiping cards to tapping them, now payments can be made without typing in numbers or using passwords.
Payments will be faster and safer with just a few clicks. He added that this way, the company can use advanced encryption and tokenization technologies to protect sensitive data.
Mastercard also wants a future where cards won’t have numbers at all, making it harder for fraudsters to steal information. The firm’s efforts have already shown good results. Tokenization has helped businesses around the world increase their sales by up to $2 billion each month and lower fraud risks.
Mastercard Is Working With Partners To Expand Its Technology
The company is working with different partners to bring this technology to more places. Right now, over 30% of Mastercard transactions are tokenized.
In countries like India, most online shopping is already protected by tokenization. Mastercard’s Payment Passkey Service is growing, with many banks and online stores already using it.
The Click to Pay system is getting more popular, with lots of banks and stores using it. Mastercard also introduced a plan in 2021 to stop using magnetic stripes on cards. This is part of its effort to make payments safer. By 2030, Mastercard wants to make online and in-store payments faster, safer, and easier for everyone.
A month ago, Mastercard opened a new Tech Hub in Pune, India. This will help the company grow in India and improve technology around the world. The Tech Hub is nearly half a million square meters and will have over 6,000 people working there. It’s the largest group of Mastercard workers in one city.
In 2014, Mastercard first opened a Tech Hub in Pune with a small team. Since then, it has grown a lot. The Tech Hub in Pune helps with payment safety, fraud detection, and digital identity.
