🔥 Mastercard announces Europe goal to achieve 100% tokenization by 2030 🔥
Can we do this?
YES!
Here is why:
✅ Simplicity for consumers. When you pay using contactless method in physical environment, do you expect to be presented with multiple payment methods/login pages/requests for additional info? 🤔
Certainly not. But why do we accept payment complexity when doing online checkout? Tokenization aims to make online checkout seamless and ubiquitous by simply removing manual card entry.
🔐 Security (1) Despite rigorous security solutions put in place by the payments industry, online commerce continues to face vulnerabilities due to bad actors. Tokenization simply replaces the 16–19-digit number on the payment card with a secure token to address exactly that: To help reduce fraud and improve approval rates.
🔐🔐 Security (2). Payment passkeys are leveraging online mobile device-based biometric authentication to eliminate passwords and one-time codes.
To explain it in lamest terms, when biometric authentication is being used (facial recongnition, behavioral, voice recognition etc), cardholders will not have to authenticate the transaction through the app or via OTP. A biometric identifier is personal and cannot be guessed or stolen.
👏 It is certainly exciting to see how quickly tokenization technology is advancing to help to keep cardholder's information safe and secure, whilst streamlining their checkout experience.
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