Mastercard is making a huge change to payments and it will affect millions of shoppers. The payment card provider today (Tuesday June 18) announced it wants all e-commerce transactions to be 100% “tokenized” in Europe by 2030.
Mastercard first started rolling out the payment method in 2014 and it now accounts for around 25% off all online payments made this way across the globe. Mastercard is making a huge change to payments for millions and it will change shopping online forever.
Valerie Nowak, executive vice president of product and innovation at Mastercard Europe, said: “In Europe we have seen tokenization gaining momentum across the ecosystem, the convenience and reduced rates of fraud sell themselves. We are confident that reaching this vision by 2030 is a win-win-win for shoppers, retailers and the card issuers alike.”
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Jorn Lambert, Chief Product Officer at Mastercard, said: “As physical and digital experiences continue to converge, we’re pushing the boundaries of what’s possible. We’re focused on bringing best-in-class digital services together to deliver more value, access and safety to our customers and the end-consumer.
“We’ll continue to harness the potential of these technologies to deliver enhanced security, better experiences and overall, new ways to pay.” Consumer rights expert Martyn James told The Sun that this puts more onus on the businesses to make sure our details are secure.
He said: “With fraud remaining at record levels, anything that helps protect our cash is a good thing. But the more our security details get digitized, the more trust we have to put in the business to get things right.
“And people who don’t use smart phones or find the internet hard to deal with are going to be left behind significantly – just as the use of cash increases in the UK for the first time in years.”