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As Europe accelerates its adoption of digital wallets, Mastercard has committed to achieving 100 percent e-commerce tokenization across the continent by 2030. This initiative is part of Mastercard’s global strategy to phase out manual card entry and enhance online checkout security and accessibility.
The shift will be driven by the adoption of payment passkeys and secure tokens. Tokenization replaces the traditional 16-19-digit card number with a secure token, while passkeys utilize mobile device-based biometric authentication, eliminating the need for passwords and relying on cryptographic technology. This aims to create a seamless and secure payment experience across various devices, browsers, and operating systems.
Currently, Mastercard’s tokenization service secures 25 percent of all e-commerce transactions worldwide. Users are increasingly recognizing the benefits of using everyday technology, such as smartphones and cars, as biometric payment platforms.
“In Europe, we have seen tokenization gaining momentum across the ecosystem. The convenience and reduced rates of fraud are compelling,” says Valerie Nowak, Executive Vice President of Product and Innovation for Mastercard Europe. “We are confident that reaching this vision by 2030 will be advantageous for shoppers, retailers, and card issuers alike.”
In addition to tokenization, Mastercard is enhancing the integration of its Click to Pay system on merchant sites. This improvement aims to expedite faster and safer checkouts, increase sales, and provide robust protection against fraud.
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