Mastercard to End Manual Card Data Entry in EU by 2030
By 2030, Mastercard plans to phase out the manual entry of card information in European e-commerce transactions. Digital buyers who have become accustomed to entering their 16-digit card number and personal data will now be able to make purchases with a single click.
The foundation for the credit card giant’s new process is tokenization, and it will allow Mastercard to replace fixed card numbers with a randomly generated sequence. Roughly 25% of worldwide Mastercard transactions are tokenized, but the company reported those transactions are growing at a 50% year-over-year rate.
The increased adoption is partly because customers are beginning to understand the benefits of new process. Because tokenization is handled by the issuer behind the scenes, there’s no effort required by consumers.
“In Europe we have seen tokenization gaining momentum across the ecosystem, the convenience and reduced rates of fraud sell themselves,” said Valerie Nowak, Executive Vice President of Product and Innovation at Mastercard Europe. “We are confident that reaching this vision by 2030 is a win-win-win for shoppers, retailers and the card issuers alike.”