Mastercard Plans a Passwordless Number-Free Payment Future by 2030
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Mastercard has set a goal for number-free cards and password-free payments in the Asia Pacific by 2030.
The announcement came during the Singapore FinTech Festival. The strategy here is to integrate tokenization with advanced biometric authentication technology to streamline and secure the online checkout process.
This will eliminate manual card entry and static passwords. Mastercard expects to prevent fraud, build trust, and reduce cart abandonment in online shopping caused by overly complex payment steps.
APAC was chosen as it is the world’s largest and fastest-growing e-commerce market, projected to exceed USD 7 trillion by 2030.
After achieving significant progress in India, the firm said that the next phase targets full adoption of tokenization for e-commerce in Singapore, Malaysia, and Vietnam by 2027.
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