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Mastercard Sets 2030 Goal for One-Click Online Payments in Europe

online payment
  • Mastercard plans to enhance online payments by 2030 with one-click buttons and tokenization to simplify and secure eCommerce, aiming to match the convenience of in-store card use.
  • The initiative involves collaboration with banks, FinTechs, and merchants, leveraging Click to Pay and biometric passkeys to combat fraud and streamline online transactions.

Mastercard announced on Tuesday (June 11) its desire to enhance online payment experiences similar to in store use of its cards.

Mastercard announced on Tuesday in a press release that its goal for Europe by 2030 is to reduce card entry through eCommerce using manual card readers by replacing them with one-click buttons across any online platform.

According to Mastercard’s press release, following its successful implementation in Europe, they expect this solution to expand across other markets as well.

“Today, when you shop in person, you can tap your card or mobile device on a reader and within a fraction of a second, your credentials are authenticated and your transaction is authorized,” Jorn Lambert, chief product officer at Mastercard, said in the release. “It should be just as simple, safe and convenient online as it is in store.”

Mastercard has announced in a release that they are working closely with banks, FinTechs, merchants and other partners in making this switch as seamless and painless as possible.

One component of this solution will include tokenization, which replaces traditional card numbers with random-generated tokens, according to a press release from MasterCard. Tokenization helps combat eCommerce fraud while making automated payments more seamless for consumers and making automated transactions seamless overall.

Mastercard’s Click to Pay online checkout system provides another key piece of the solution, according to its press release. Mastercard makes it simpler for merchants and bank partners to implement this feature.

Thirdly, payment passkeys for online transactions replace passwords and one-time passcodes with biometric authentication on devices already being used by many to sign in to phones and accounts, according to a release.

“We can bring the same security, simplicity and speed to online checkout that contactless has brought to the physical world today,” Lambert said in the release. “By bringing issuing and acquiring banks along this journey with us, we can make it happen sooner than you think.”

Mastercard recently reported earnings data revealing tokenized transactions had grown over 50% year over year to account for 25% of all Mastercard network transactions in Q4.

At this point, consumers are expecting eCommerce merchants to provide them with more effective fraud prevention tools. This shift comes at a time when shoppers demand stronger fraud protection measures from them, according to “Fraud Management, False Declines and Improved Profitability”.

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