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Mastercard has unveiled a strategic initiative to eliminate manual card entry for online transactions in Europe by 2030. This effort aims to enhance the security and accessibility of the e-commerce space for all users.
Starting in 2030, the traditional 16-digit card numbers will be replaced with randomly generated tokens for online transactions. By leveraging technologies such as tokenization and biometric authentication, Mastercard intends to minimize the reliance on traditional card numbers, which are more vulnerable to fraud.
The company announced that it is collaborating with banks, fintechs, merchants, and other partners to phase out manual card entry for e-commerce. The goal is to introduce a one-click payment button across all online platforms in Europe by 2030.
A 2023 report from Juniper Research highlighted that merchant losses from online payment fraud are projected to exceed $362 billion globally between 2023 and 2028, with $91 billion in losses expected in 2028 alone. The report also noted the rise of new threats, such as the increased use of AI in cyberattacks.
In response to the growing threat of e-commerce fraud, Mastercard is integrating key solutions to enhance online security. The payment giant is simplifying the process of embedding Click to Pay on merchant sites and enabling bank partners to help customers enroll their cards more easily.
This initiative represents a significant step towards a safer and more efficient online shopping experience, demonstrating Mastercard’s commitment to innovation and security in the digital economy.
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