Mastercard Plans to Eliminate Manual Card Entry For Online Payments in Europe by 2030
Mastercard has announced a strategic initiative to eliminate manual card entry in online transactions in Europe, by 2030.
This initiative is a move to ensure a safer and accessible e-commerce space for everyone.
Starting in 2030, instead of using 16-digit card numbers for online transactions, it will be replaced with a randomly generated token. By leveraging technologies like tokenization and biometric authentication, Mastercard seeks to reduce reliance on traditional card numbers, which are susceptible to fraud.
The firm announced that it has been working with banks, fintechs, merchants, and other partners to phase out manual card entry for e-commerce by 2030 in Europe, in favor of a one-click button across all online platforms.
A 2023 report from Jupiter Research revealed that merchant losses from online payment fraud will exceed $362 billion globally between 2023 and 2028, with losses of $91 billion alone in 2028. Merchants are reportedly facing new threats such as an increased use of AI for attacks.
In a bid to mitigate the increase in e-commerce fraud cases, Mastercard is bringing together key solutions to reduce threats and make online commerce safer. The payment giant is making it easier to embed Click to Pay into merchant sites, also enabling bank partners to help people enroll their cards.
